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ARTICLE · 15 NOVEMBER 2016

Providing Credit? Mandatory Credit Reporting And Credit Checking Rules Coming

Mason Hayes & Curran LLP
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Entities lending to Irish resident consumers or businesses will be required to report information relating to certain loans of €500 or more to the Central Bank of Ireland.

IrelandFinance and Banking
Christine O'Donovan
Christine O'Donovan
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Entities lending to Irish resident consumers or businesses will be required to report information relating to certain loans of €500 or more to the Central Bank of Ireland.

The Credit Reporting Act 2013 establishes a central credit register, to be operated by the Central Bank of Ireland, in which personal and credit information relating to both consumer and business borrowers and guarantors will be recorded for qualifying loans of €500 or more. The Act will only apply where the borrower is resident in Ireland at the time of the credit application or where the credit application/agreement is governed by Irish law. 

What are lenders obliged to do?

On 22 September 2016, the Central Bank published regulations governing the operation of the register. These regulations set out the legal obligations for lenders to report personal and credit information related to borrowers and guarantors for qualifying loans. Personal information includes information such as name,

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