Credit Reporting: Guarantee Data Going Live

The reporting of guarantee data to the Central Bank of Ireland's Central Credit Register will commence on 1 February 2025. ‘Credit information providers' will need to ensure that their existing processes now extend to guarantors (including in relation to verification, warnings and reporting).

What Guarantees are in-scope?

Importantly, the Central Bank of Ireland's (“CBI's”) guidance clarifies that the new reporting requirements only apply to guarantees on a prospective basis i.e. guarantees entered into on or after 1 February 2025, in respect of credit agreements entered into on or after 1 February 2025. Consequently, credit information providers do not need to report guarantor information in relation to back-books of existing credit agreements.