In our February 2016 Credit Reporting Update, we summarised the Central Bank’s plans to phase in credit reporting for its new Central Credit Register (the Register) based on the Feedback Statement published by the Central Bank on 11 February 2016. The Central Bank had indicated that Phase 1 of the reporting would address consumer credit and Phase 2 would address business credit. Since then, the Central Bank has been working with CRIF Ireland Limited (the operator of the Register) to develop the Register. On 22 September 2016, the Central Bank published a series of regulations under the Credit Reporting Act 2013 (the Act) and confirmed that:
- the collection of data from lenders relating to consumer credit will begin on 30 June 2017 (9 months later than originally expected); and
- the Register should be capable of producing credit reports after 31 December 2017 (again, 9 months later than originally expected).
Lenders (other than moneylenders and local authorities) will have from 30 June 2017 to 31 December 2017 to provide consumer credit data to the Central Bank. Moneylenders and local authorities will have from 30 June 2017 to 30 September 2018.
In relation to data for business credit (Phase 2), lenders are expected to have until 30 September 2018 to provide this information. The Central Bank is not expected to require the provision of guarantor-related data to be completed until at least 30 September 2019.