Know Your Rights - Your credit history
The following advice is from Citizen's Information:
Your credit history is information about your loans. It includes details such as:
·The type of loans
·The amount the loans were for
·The amount remaining
·Any missed payments
This information is listed in a credit report. Lenders can get a credit report when they are deciding on loan applications. Credit reports are held by the Central Credit Register (CCR).
If you are applying for an overdraft, mortgage, credit card or other type of loan, you can check your credit report before you apply. It can help you spot any missed payments you are not aware of or mistakes in your credit report.
What is the Central Credit Register?
It provides credit reports to borrowers and lenders. It is a database that stores personal and credit information on loans of €500 or more. It is operated by the Central Bank of Ireland.
The Central Credit Register started to record loans from 30 June 2017. It keeps a record for five years after the last payment for a loan is made.
How do lenders use my credit record?
When you apply for a loan or other credit, the lender can use your credit history when deciding whether or not to lend to you. Examples of credit include credit cards, overdrafts, hire purchase agreements and personal contract plans (PCPs).
The information on your credit report can be used to decide:
·Whether to lend to you
·How much to lend you
·How much interest to charge
Lenders may check your credit report when you:
·Apply for a new loan
·Apply to have an existing loan restructured
·Have arrears on a loan
·Have gone over the limit of a credit card or overdraft
When you apply for a loan, the lender must check the Central Credit Register if the loan is for €2,000 or more.
Lenders can also check the Central Credit Register if you apply for a loan under €2,000 or:
·You have requested a re-structure of an existing loan
·There are arrears on an existing loan or a breach of a limit on a credit card or overdraft
Do I have to give my consent for a lender to check my credit history?
Lenders do not need your consent to check the Central Credit Register. If the lender wants permission to check your credit history on another database they may need your permission. Usually, this consent is part of your contract or agreement when you first apply for a loan, so you may not notice that you are giving consent.
What happens if you are refused a loan?
The Central Credit Register does not decide whether you get a loan. Lenders use the credit report to assess your loan application. They may also take into consideration your income and expenses, such as rent and utilities. Different lenders have different criteria for approving loans. If you are refused a loan because of information in your credit report, the lender must tell you this. This applies to personal consumer credit agreements for amounts between €200 and €75,000. It does not apply to mortgages.
How can I check my credit report?
You can request your credit report free of charge at any time (a limit may be put on excessive free requests). You can get a copy of your credit report by applying online to the Central Credit Register or by email or post. As part of the application, the Central Credit Register will need proof of your identity: your name, address and Personal Public Service Number (PPSN). If you are applying by email, you must print, sign and scan your completed application form. Attach it to your email along with your identification documents. If you are applying by post, you will need to enclose proof of your identity with your signed application form.
Is there a rating or score on my credit report?
Credit scoring, or credit rating, is a technique that summarises your credit status at a particular point in time. The Central Credit Register does not score or grade credit reports. Your lender will make a decision on your loan application based on their own credit policy.
Who else can access my credit report?
Only lenders can access your credit report. No-one else can access your credit report on the Central Credit Register without your consent, for example, employers or landlords.
How do I know who has looked at my report?
Your credit report shows each time a lender has viewed your information and the reason they did so. This is called a ‘footprint’. It means that you know who has looked at your credit report and when.
Can I request a change to my credit report?
If you believe there is inaccurate, incomplete or out-of-date information in your credit report, you can apply to change it. If you believe you have been impersonated by someone else, you can place a notice of suspected impersonation on your report.
Can I add a statement to my credit report?
You can add a personal statement to your credit record to clarify it. This is known as an ‘explanatory statement’. For example, if you have had significant expenses due to relationship breakdown, bereavement, illness or another cause, you may add these details to your record. The statement must be factual, relevant to the information in the credit report, and under 200 words. It should not contain information that could identify another individual (such as their name or workplace). The statement is added to your credit report and it can be viewed when your data is accessed. However, lenders do not have to take your statement into account when assessing you for a loan.
What are the contact details for the Central Credit Register?
Central Credit Register, First Floor Block E Adelphi Plaza, George's Street Upper, Dún Laoghaire, Co Dublin. Phone 01-224 5500, visit centralcreditregister.ie or email myrequest@centralcreditregister.ie.
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