Central Bank of Ireland has selected CRIF as its partner to establish and operate the Central Credit Register
The Credit Reporting Act 2013 provides that the Bank is responsible for the establishment and operation of the Central Credit Register. The Act aims to address weaknesses identified in the current credit reporting system in Ireland by making it mandatory for lenders
- to submit information on credit agreements and payment histories to the CCR (over a threshold of €500); and
- to check credit information on the CCR when considering credit applications (over a threshold of €2,000).
“The CCR credit bureau will play a fundamental role in the improvement of a mature credit culture in Ireland’s financial system, further enhancing the profile of the country’s consumer credit market and global competitiveness. As CRIF has already experienced in other countries, evolution of the financial sector depends heavily on the availability of effective and quality information systems which streamline credit risk management and consequently support the financial needs of businesses and consumers”, said Sara Costantini, Director of CRIF Ireland Ltd.