Central debt database rules finally published

Central Bank says 'strict controls' will protect borrowers' information

Central Bank reassures on debt database. Pic: Rollingnews.ie

The Central Bank has published regulations governing the operation of the new Central Credit Register.

The register, which had beendelayed by data protection concerns, is a national mandatory database of debt which will be maintained and operated by the Central Bank, in accordance with legislation published in 2013.

The Central Bank said today the collection of loan data from lenders would be implemented on a phased basis, with the first phase focusing on consumer lending and the second on lending to businesses.

For phase one, all lenders will have to submit data by the end of 2017. The Central Bank said it would notify lenders shortly of their obligations under the regulations.

The bank said the register was expected to produce credit reports for individual lenders after December 31 2017. These reports will show a profile ofa borrower’s credit accounts across all lenders, including repayment history, number of payments past due, and a record of enquiries made by lenders.

Borrowers will be able to request their own credit report free of charge from the Central Bank, once every year.

The Central Bank's director of resolution and corporate affairs John Coyle said the regulations were being published today after consultation with the Data Protection Commissioner and the Department of Finance and a public consultation in 2015.

“The development of the Central Credit Register is an important financial sector reform, contributing to financial stability and consumer protection. The register will match the personal and credit information received from lenders to create a complete credit report, containing all the loans relating to an individual borrower, facilitating enhanced creditworthiness assessments and responsible lending," he said.

Coyle added that the database would help the Central Bank's supervision functions and provide it with better insights into financial markets. The bank said that, under the Data Protection Acts, it would act as data controller and ensure that "strict security and data protection protocols" were in place to safeguard borrowers’ information. There will also be an awareness campaign to provide information on the register to the public.

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