The Central Credit Register (CCR) is a national database that will, on request, provide:
- A borrower with an individual credit report detailing their credit agreements;
- A lender with comprehensive information to help with credit assessment; and
- The Central Bank with better insights into national trends in the provision of credit.
The Credit Reporting Act 2013 required us to process your personal and credit information for the CCR. From 30th June 2017, we will submit personal information to the CCR that we may already have about you, like;
· Your name;
· Address
· Date of birth; and
· Personal Public Service Number (PPSN) - a very important piece of information for matching.
The CCR needs this information to make sure it accurately matches your loans, including loans that you may have with other financial institutions. Producing a full and accurate credit report is one of the main aims of the CCR. We will also submit credit information each month about your loans, if the loan is for €500 or more.
Your loan information will be stored securely on the CCR where it will be used to create your credit report. The CCR will not calculate a score or grade for your credit report. Information will be kept on the CCR for a period of five years after your loan is paid off.
In early 2018, credit reports will become available from the CCR. Once available, you may request your report at any time and are entitled to one free report each calendar year.
Lenders may only access your credit report in the following circumstances;
- When considering an application for a new loan;
- If you ask to change the term of an existing loan; or
- If they are reviewing a loan in arrears.
Employers, Landlords, or any other person or entity cannot access your credit report without your written consent.
As a result of the introduction to the CCR ALL new loan applications from 1st August 2017 will now need proof of your PPSN. Failure to provide the Credit Union with this information will result in a delay in your loan application decision.
