Credit reports to start from early 2018

quietsailor

There is an ad in today's examiner (pg 7) about a central credit register being set up with data being gathered from June 2017 and then credit reports being generated from early 2018.

I'm hopeful, but probably naievly thinking, that it will make preparing for your mortgage easier.

Hopefully also there will be a bit of joined up thinking so tenants and landlords will be able to view each others credit reports and make an informed decision to do business together.





Or maybe I'm just the last of the optimists!

Edit www.centralcreditregister.ie

Mr. Incognito

https://www.centralbank.ie/consumer-hub/explainers/what-is-central-credit-register

Interesting. Seems to be replacing the Irish Credit Bureau and will only deal with regulated entities and not for loans less than €500

quietsailor

Mr. Incognito wrote: »

https://www.centralbank.ie/consumer-hub/explainers/what-is-central-credit-register

Interesting. Seems to be replacing the Irish Credit Bureau and will only deal with regulated entities and not for loans less than €500

I've just fired off an email to ask (hypothetical example ) if a tenant provides a credit report to a landlord can the landlord query the report with register or even request the report themselves

wordofwarning

quietsailor wrote: »

I've just fired off an email to ask (hypothetical example ) if a tenant provides a credit report to a landlord can the landlord query the report with register or even request the report themselves

Highly unlikely. A financial institution has to ask a consumer for permission to apply for a credit rating as is. It would be against data protection for a landlord to ask for a copy of your credit rating

The_Conductor

wordofwarning wrote: »

Highly unlikely. A financial institution has to ask a consumer for permission to apply for a credit rating as is. It would be against data protection for a landlord to ask for a copy of your credit rating

All borrowers of 500 Euro or more- are to automatically be recorded on the central register- there is no opting in, or out- its a condition of taking out a loan of 500 Euro or more- from the 30th June 2017. Any borrower, or any financial institution governed by the Central Bank of Ireland for code of conduct or business rules- is entitled to view the credit record of any borrower- or any applicant for a loan of 500 or more Euro. Any request to view the credit record- by a borrower or a financial institution- is recorded as a 'footprint' on the record- and if, for example, a borrower goes to a string of financial institutions querying borrowing a loan- each and every query is recorded on the central register- and the each and every financial institution is made aware that the borrower has sought a loan from another financial institution- of how much, when and whether it was granted and is in good standing, or not.

Its a bit more indepth than the current system- but it only governs borrowers and officially regulated financial institutions- it does not govern third parties- nor do third parties have the right to query the data.

Samuel T. Cogley

This should encompass tenants AND Landlords. Landlords who fail to return deposits without good reason should have this recorded against their credit while tenants that don't pay, damage places etc. should have it come back and bite them.

However fair play for Ireland joining the 20th century on this - finally!

The_Conductor

Samuel T. Cogley wrote: »

This should encompass tenants AND Landlords. Landlords who fail to return deposits without good reason should have this recorded against their credit while tenants that don't pay, damage places etc. should have it come back and bite them.

However fair play for Ireland joining the 20th century on this - finally!

Any loan, deposit, debt etc- of 500 Euro or more- should be registered- along with an appropriate followup detailing the outcome. However- its not going to happen- politically its far too toxic for our politicians to countenance.

Mrs OBumble

It also totally missed out on bad debts to things like utility companies.

Pretty much a waste of time, as I see it.

Claw Hammer

Samuel T. Cogley wrote: »

This should encompass tenants AND Landlords. Landlords who fail to return deposits without good reason should have this recorded against their credit while tenants that don't pay, damage places etc. should have it come back and bite them.

However fair play for Ireland joining the 20th century on this - finally!

If a tenant gets a deposit back once, it will encourage them to expect to get it back every time!

The_Conductor

Claw Hammer wrote: »

If a tenant gets a deposit back once, it will encourage them to expect to get it back every time!

My head hurts........
Whats wrong with this expectation?

Mrs OBumble

The_Conductor wrote: »

My head hurts........
Whats wrong with this expectation?

Ahh .... I think that Claw Hammer thought that s/he didn't actually need to insert the smiley face at the end of the post ....


Note that the congratulations is for Ireland joining the 20th - not 21st - century.

The_Conductor

Mrs OBumble wrote: »

Ahh .... I think that Claw Hammer thought that s/he didn't actually need to insert the smiley face at the end of the post ....


Note that the congratulations is for Ireland joining the 20th - not 21st - century.

It was a long day- after some of the phone calls I deal with- you loose your perspective on what is the real world, what is sarcasm- and what is just utterly and totally bizarre. Normally- on a Friday afternoon- bizarre wins out. Call it life imitating art- or whatever- but hey, it pays the bills.