We are informing you about the Central Credit Register, CCR, which is being set up by the Central Bank of Ireland under the Credit Reporting Act 2013. The Central Credit Register will replace the Irish Credit Bureau, ICB.
The Central Credit Register 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 assessments; and
- the Central Bank with better insights into national trends in the provision of credit.
The Credit Reporting Act 2013 requires us to process your personal and credit information for the Central Credit Register. From 30 June 2017, we will submit personal information to the Central Credit Register that we may already have about you, like:
We will submit personal information to the Central Credit Register that we may already have about you, like:
- your name;
- date of birth; and
- personal public service number (PPSN) – a very important piece of information for matching.
The Central Credit Register needs this information to make sure it accurately matches your loans, including loans that you may have with other lenders. Producing a full and accurate credit report is one of the main aims of the Central Credit Register. 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 Central Credit Register where it will be used to create your credit report. The Central Credit Register will not calculate a score or grade for your credit report. Information will be kept on the Central Credit Register for five years after your loan is paid off.
Credit reports will become available from the Central Credit Register. 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:
- when considering an application for a new loan;
- if you ask to change the terms of a 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.
You do not need to take any action in response to this letter. We are writing only to inform you that we will shortly begin to send information on your loans to the Central Credit Register.
We invite you to read the attached factsheet. If you have any other question about any of your loans with us, you can contact us at 094-9860522
Ballaghaderreen and District Credit Union Limited
Central Credit Register Factsheet
These are your rights under the Credit Reporting Act 2013; and let you know that that your personal and credit information, as outlined below will be sent to the Central Credit Register. We do this in line with our duties under data protection law.
What types of loans are included on the Central Credit Register?
Loans included on the Central Credit Register are:
- Credit cards
- Personal loans
- Hire Purchase/PCPs
What information will be held on the Central Credit Register?
The Central Credit Register will hold information about loans existing on 30 June 2017 and any new loans after that. From then, lenders will also send the Central Credit Register monthly updates on the status of loans. This information will include the personal information referred to in the attached letter.
The type of credit information that the Central Credit Register will store includes the:
- amount of all loans;
- type of each loan – such as credit card, mortgage, overdraft or personal loan;name of each lender;
- number of overdue payments if any; and
- date of next payment.
More details of the full information held on the Central Credit Register can be found on www.centralcreditregister.ie
What about foreign loans?
In the future, you may also have a duty to provide information to your lender about any foreign credit of €5,000 or more. For this to happen, the Central Bank must publish a Regulation.
What are my rights?
Credit reports are now available, and you have the right to 1. request your credit report at any time and the first credit report each calendar year is free; 2. insert a 200-word explanatory statement on your credit report; 3. apply to have your information amended if you believe it is:
- request your credit report at any time and the first credit report each calendar year is free;
- insert a 200-word explanatory statement on your credit report;
- apply to have your information amended if you believe it is:- inaccurate;-incomplete; or- out of date.
- make a report to the Central Credit Register if you reasonably believe that someone has, is, or is about to impersonate you.
Where can I get more information about the Central Credit Register?
LoCall: 1890 100 050 Landline: 01 224 5500
How do I apply for my Credit Union loan?
Call to our office or give the office a ring on 094 98 60522 where our staff will assess which loan product best suits you!
Applicants will be asked to provide current photo ID and current proof of address to keep our records up-to-date. Only members of Ballaghaderreen & District Credit Union Ltd can apply for a loan.
For all loan applications over €2,000 (unless secured by shares) applicants will be required to provide proof of income i.e last 3 payslips \ social welfare receipts together with last 3 months postal bank statements.
In certain circumstances, you may have to provide your Employment Contract and in the case of self-employed persons audited accounts and tax clearance certificates will be required.
The Irish Credit Bureau will be consulted as part of your application except in the case of secured loans.
Things to consider when taking out a loan
- Repayment Capacity: It is important to show you have the ability to pay back the money you borrow. One of the primary considerations for the Credit Union is whether you have the money to repay your loan after you have paid all your existing outgoings.
- Importance of Saving: Having a track record of savings demonstrates to what extent you have the capacity to repay a loan and this can be a very important factor in your loan application.
- Good Account Management: Showing us your backing statements give us a picture of your track record in managing your financial affairs.
There are many factors that will be considered in the approval of a loan application. It is never one thing alone that determines the outcome. The decision is made by looking at all your details of your application, in order to protect you as a member and us as a Credit Union.
Failure to keep your repayments up to date may affect your credit rating
We want your application to proceed as smoothly as possible & we recommend that you consider the following basic requirements:
Age- You must be at least 18 years of age to apply for a loan.
Income- You generally need to have a steady income.
Irish Residency- You should be a legal resident in Ireland & a member of your local Credit Union.
Financial History- We need to see that you have a good credit history, what your monthly outgoings are & see how you manage your account to ensure that you are ok to take on the commitment of the loan you are applying for.