Your credit history
When you fill out a loan application form, the lender will check your credit history. This helps your lender decide whether to give you a loan or not.
Central Credit Register
The Central Credit Register was set up on 30 June 2017. The Central Bank of Ireland is in charge of operating the Central Credit Register.
Every month the Central Credit Register collects and stores personal and credit information from lenders, including licensed moneylenders and local authorities, about existing loans or new loans they give to consumers. Lenders who give out loans of €500 or more will have to inform the Central Credit Register of these loans. Information on smaller loans of less than €500 is not collected.
What type of information is held on the Central Credit Register?
The Central Credit Register will include information on loans such as credit cards, overdrafts, personal loans and mortgages. From 30th June 2019 lenders must also include information on hire purchase, PCPs and similar types of finance for loans of €500 or more. In addition, from 30 October 2019, lenders must request a credit report when considering these types of loans if the amount is for €2,000 or more.
| Types of loans included on Central Credit Register | What is not included |
| From 30 June 2017: Credit cards Mortgages Overdrafts Personal loansFrom 31 March 2018: Business loans Local authority loans High cost credit providersFrom 30 June 2019: Hire purchases PCPs Asset finance |
Utility bills Pawnbrokers Income/Salary information Tax liabilities Deposit accounts Insolvency Service of Ireland The Courts Service records |
You can find out more about what’s included on the Central Credit Register on the Central Bank of Ireland’s website.
Consumers can request a credit report from the Central Credit Register. Your credit report is free (subject to fair usage) and you can submit a request through the Central Bank of Ireland’s website.
Why your credit history is so important
When you sign up for a mortgage, personal loan, credit card, overdraft, buy now pay later or hire purchase/PCP type loans, you should be aware that your lender will send information about your repayments to the Central Credit Register (if the loan amounts to €500 or more). This information is what forms your credit history.
Your credit history shows:
- Your name, date of birth and address
- Names of lenders and account numbers of any loans you currently have or that have been closed.
- A history of all repayments made or missed for each month on each loan, including any loans or credit cards you did not pay off completely
- A record of any legal action your lender took against you
If you missed repayments, didn’t clear a loan or credit card, or settled a loan for less than you owed, it will show up on your credit history for five years after the loan is closed. This could result in you being refused another loan.
Your credit report gives a full picture of your credit history, good and/or bad. A history of missed payments may mean that you will be refused a loan, even if you have the income to repay it.
