Mandatory Credit Reporting Date Nears

Mandatory Reporting

“Consumer” credit (eg personal mortgages, car loans and credit cards) was included in “Phase 1” of the roll-out of the central credit register (“CCR”) and is already being reported to the CCR.  “Non-consumer” credit (eg business loans, syndicated loans and shareholder loans) is included in “Phase 2” and reporting will be mandatory from 30 September 2018 (back-dated to include all credit in being as at 31 March 2018).  The Central Bank of Ireland (“CBI”) has confirmed that hire-purchase and similar arrangements will also be included once a necessary legislative amendment has been made.

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