Educating college students on their personal credit profile

It’s nearly there!
Finally, the long-awaited Central Credit Register is about to take another step forward as the primary source of credit and credit repayment information across the State.
For those of you that may not be fully familiar, the Central Credit Register is the new credit reporting database that was set up following the Irish bailout and intervention here by the so-called Troika (The EU Commission, European Central Bank and IMF). It essentially was designed to replace (and duplicate) the work of the Irish Credit Bureau, the only other consumer credit reporting database in the land. For the Troika, the ICB was unacceptable as the sole provider of credit data since it was owned by the credit providers (banks, credit unions etc).
The CCR is being managed by Italy based Crif, who up to now have been a junior partner of sorts in the data management of the ICB, where it provided credit scores to Irish banks. Credit scores have become the linchpin of modern credit analysis for lenders, employers, landlords, car insurance and even hospitals through the delivery of a simplified, condensed 3-digit summary code of how we all manage credit. In Ireland, the CCR says it has no plans to provide credit scores, but it doesn’t need to; other firms can! Companies like Crif and Fair Isaacs (FICO) are world leaders in this space. They can take all available credit data and condense it down to that 3-digit summary of how people pay their bills and if they have made recent loan enquiries or even, if there have been changes in the way they repay their loans.
Beginning September 30th:
  • All lenders considering consumer loan applications of €2000 or more will be obliged to enquire on the Central Credit Register for a credit report.
  • Credit reports are available free of charge for consumers.
  • Credit reports include information on credit cards, mortgages and overdrafts and personal loans since 30 June 2017.


Central Bank of Ireland

All lenders considering loan applications of €2000 or more will be obliged to enquire on the Central Credit Register for a borrower’s credit report. In addition lenders may obtain credit reports if borrowers seek to restructure a loan, are in arrears on any loan repayments, or are seeking a loan under €2,000.

Lenders have been submitting information on credit cards, mortgages overdrafts and personal loans to the Central Credit Register monthly since 30 June 2017. Credit reports are available free of charge for consumers (subject to fair usage), and will contain information on these types of loans.

Moneylenders and local authorities have been able to submit information to the Central Credit Register since March 2018 and may also now make enquiries. Information on hire purchase and Personal Contract Plans (PCPs) will be included once legislation has been amended.

The Central Bank is committed to serving the public interest by safeguarding monetary and financial stability and working to ensure that the financial system serves the needs of the economy and its customers over the long term. The Central Bank uses the Register to get better insights into the overall level and patterns of lending in the economy.

Information on lending to businesses has been submitted to the CCR since 30 March 2018. Business loans will be included on credit reports once data quality can be assured.

National Education Programme

MoneyWhizz, the financial literacy initiative based here in Ireland is teaming up with leading 3rd level institutions on the significance of developing and maintaining a positive personal credit profile. A series of talks and guides have been prepared to educate them on the growing importance of their personal credit profile

Lessons include:

  1. What personal credit reports are
  2. The data they collect
  3. The time period credit data is maintained
  4. The difference between a credit report, credit profile and credit score
  5. Ways and means of protecting a personal credit profile
  6. How credit data can be used and applied in Ireland and beyond (USA, EU, UK, Canada, Australia).

For further details, please visit


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