Central Credit Register (CCR) by the Centralbank

Yggr of Asgard

The Government continues it's reach into our personal data by providing a mandatory register for loans, credit cards etc. under the pretense of Consumer Protection.

https://www.centralcreditregister.ie/

Starting on 30 June 2017 lenders will need to transfer consumer loan information to the CCR on a monthly basis and by 31 December 2017 all info must have been transferred.


Than in early 2018 they will start providing credit reports. It's an option for loans over 500€ but for anything over 2000€ lenders must request a report.


This makes the ICB look like a child in comparison, I wonder what will happen to them.

Also, strangely enough not a single of my lenders has so far informed me about this and that they will now provide me data to the government this way or that they will carry out a credit search. I guess it's somehow covered under some catch it all clause for government regulations.

ED E

So are we going to end up with a case where telcos and utilities can ruin you like the states?

Yggr of Asgard

ED E wrote: »

So are we going to end up with a case where telcos and utilities can ruin you like the states?

Not yet!

Right now it's only lenders (other than licensed moneylenders and local authorities) with those joining in Phase 2 on 31 March 2018.

But it exposes all lending to the Government and build a central register which unlike the ICB is mandatory.

Sure, it's supposed to stop lending to people which are over exposed, but in reality the government is building another gigantic database of all consumer behavior that they than can link into each other. Big Brother is watching.

wordofwarning

Yggr of Asgard wrote: »

Sure, it's supposed to stop lending to people which are over exposed, but in reality the government is building another gigantic database of all consumer behavior that they than can link into each other. Big Brother is watching.

So you don't see anything wrong with the fact that someone go to their local CU, get a loan and then use that loan as a 'deposit' for a house without the bank knowing? During the boom, people used to get loans from their CU as a 'deposit saved' to pay a house. Banks never questioned it. Now bank's can't play dumb

The Government is already monitoring house purchases, car purchases, banks have to report potentially dodgy lodgements, cards used in the state are monitored

The CB has stated they are alarmed about how poor credit reporting is in the state. Vulture funds aren't reporting the tens of thousands of mortgages they know own to the ICB

Yggr of Asgard

Ah the old "if you have nothing to hide than this does not effect you" excuse for government overreach.

If banks would care they would look to Experian or Equifax to build as consumer bureau for Ireland. In fact Experian tried to roll out their Consumer services, but most businesses did not join that opportunity and instead continue to use the ICB. And giving how many of our banks are (part) owned by the Government, if they really wanted, they could have fixed it without a government database.

So the government is now forcing another big brother database on the rest of the population to protect a couple of idiots from the themselves to use your example.

Next the CCR is than not only going to provide a report but also generate a score which lenders will use instead of their own scoring and now the Government decides who can or can not get loan or how big the credit limit is going to be.

A Government who asks lenders to report data as of next month but won't give customers access to that data until over 6 month later and who's data protection enforcer is a joke. Excellent choice.

lawred2

Is this register replacing the ICB?

banie01

ED E wrote: »

So are we going to end up with a case where telcos and utilities can ruin you like the states?

Telcos are sharing debt data under a system called credit insights.
Experian and other credit agencies are becoming more and more involved in the Irish market versus the existing method of companies having their own internal credit scoring process.
It will become very interesting to see how DPA requests concerning credit refusal will be dealt with once GDPR is fully implemented.

That said, the telco industry in particular is hammered by fraud and a more robust credit scoring system is needed.
Matching that need to the regulatory environment is going to be a challenge however.

maximoose

lawred2 wrote: »

Is this register replacing the ICB?

Not for now anyway

garrettod

Hello,

Has anyone seen mention of the cost of setting up this new service ?

Personally, I have not, but I can't help but wonder if it's going to end up like most other things we do in Ireland - incomplete, and way over budget ?

As it stands, the new service won't offer much more than the old ICB (with various financial obligations not going to appear on it), so what's the point of it ?

Red Alert

Not sure I'd trust the likes of Equifax. There was a massive data breach some time ago:

https://www.consumer.ftc.gov/blog/2017/09/equifax-data-breach-what-do

I would rather the central bank do it than the ICB, but there should be no access by telcos, consumer electronics HP schemes etc to data about mortgages.

Nermal

Red Alert wrote: »

I would rather the central bank do it than the ICB, but there should be no access by telcos, consumer electronics HP schemes etc to data about mortgages.

Why? If it's made clear when you sign up to a service that your data will be shared for credit reference purposes, what's wrong with that? It would be perfectly legal.

garrettod

Red Alert wrote: »

....I would rather the central bank do it than the ICB, but there should be no access by telcos, consumer electronics HP schemes etc to data about mortgages.

My own preference would be that financial institutions be able to access full available information, while other parties (i.e. service providers etc.) would only be provided with a credit score and no behind the scenes details of what contributed to that overall score.

I am happy with the concept of everyone working to ensure that better credit is provided, that those who manage their finances properly are rewarded with cheaper costs than those who don't etc. but I see no reason for the likes of my mobile phone provider, or gas provider, to know the details of my homeloan for example.

ELM327

And where's the Data Protection opt out option? I do not consent to my data being stored in this way without being anonymized

garrettod

ELM327 wrote: »

And where's the Data Protection opt out option? I do not consent to my data being stored in this way without being anonymized

You have most likely consented, every time that you've signed a finance agreement etc.

Yggr of Asgard

ELM327 wrote: »

And where's the Data Protection opt out option? I do not consent to my data being stored in this way without being anonymized

With the CCR you have no such right, the financial provider is by law required to provide this data to the CCR.

The only way around it is to not use any financial services provider or stay under the reporting requirement amounts.

CeilingFly

garrettod wrote: »

Hello,

Has anyone seen mention of the cost of setting up this new service ?

Personally, I have not, but I can't help but wonder if it's going to end up like most other things we do in Ireland - incomplete, and way over budget ?

As it stands, the new service won't offer much more than the old ICB (with various financial obligations not going to appear on it), so what's the point of it ?

most things actually get done on time and on budget - problem is a story like that would never make it into the sensationalist hysterical media

Same with healthcare - no story in the hundreds of thousands that receive excellent medical care, they nly search for the sob whining stories that can create hysterical headlines for some utter suckers to believe

Yggr of Asgard

The American company that is running this on behalf of the government actually delivered this on time, you can now request your credit report if you want.

Plus as all financial providers must report (unlike the iCB where they can) the reports will be more detailed and complete.

Unfortunately they did not use the new mygovid identification system so getting a report is a little complicated with an upload of id, address proof, and pps proof. They at least could have linked this to their new mygovid service to make it easier.

spyderski

And for some ridiculous reason, the public services card is not an acceptable form of proof of your PPS number!

Yggr of Asgard

spyderski wrote: »

And for some ridiculous reason, the public services card is not an acceptable form of proof of your PPS number!

Yes, it's stupid.

Fred Swanson

This post has been deleted.

Stheno

Fred Swanson wrote: »

So this is the end of the ICB?

Pretty much

whodafunk

Stheno wrote: »

Pretty much

So for anybody looking to take out a mortgage in say the next 12-24 months will lenders still look at ICB report (usually 24 months) or just what is available in this which to my understanding only began to collect data from June 2017?

Thank you

Stheno

whodafunk wrote: »

So for anybody looking to take out a mortgage in say the next 12-24 months will lenders still look at ICB report (usually 24 months) or just what is available in this which to my understanding only began to collect data from June 2017?

Thank you

I think there is a transition period during which both wil operate

368100

CCR is only one part of information gathering on lending. Its for natural persons.

AnaCredit is an ECB requirement coming down the line which is mandatory reporting of loans to companies. Ive seen a sample of the info that needs to be provided and its very granular having a lot more info than ICB/CCR reported.

For example, if a loan is reported for a limited company which is a subsidiary, a good chunk of data related to the parent company needs to be reported too.

www.centralbank.ie/statistics/statistical-reporting-requirements/anacredit-in-ireland