How to check your credit record
Curious about your credit status or concerned about borrowing? It’s simple and free to check your credit report. Learn how to access your credit history, discover your credit status and understand your rights.
What is a credit report?
In Ireland, a credit report is a detailed record of your borrowing history, held by the Central Credit Register (CCR).
Unlike some other countries, there is no credit scoring or grading system; the CCR only provides factual information about your credit history.
Here’s what it includes:
What’s in your credit report?
Your credit report contains factual personal and credit information and is set out in four parts.
- Part 1:Shows the personal information submitted to the CCR by your lenders
- Part 2: Contains a brief summary of credit agreement and applications
- Part 3: Provides details of each loan, the type of loan, the lender and your repayment history
- Part 4: Details your footprint - which is a record of each data your credit report has been accessed, by whom and the purpose of the check
How do lenders use your credit report?
Lenders may view your credit report to assess a loan or credit application and help them decide whether you’re creditworthy. They need your consent to access it.
Individual lenders assess your credit history and use their own rating system based on the information you’ve provided as part of your application.
Your credit record will hold information such as:
- whether your credit payments are up to date
- how often you make late payments
- if you are in arrears
- whether you’ve breached your credit limit
What does your credit status mean?
If you have a good borrowing history and credit status, potential lenders consider you less risky. This is because you’re more likely to make your repayments on time and less likely to default.
Lenders may use the information in part, to help them decide:
- Whether they will lend to you
- How much they will lend you
- What interest rate they can offer you
A good credit history isn’t a guarantee that you’ll get a loan, and a low rating doesn’t always mean you won’t be able to borrow.
Why should you check your credit record?
Lenders not only check your credit record to decide whether you’re creditworthy, but they also use it to check your name and address details are accurate.
It’s good to review your credit history on a regular basis and always before you apply for credit.
You’ll be credit checked by a lender or creditor if you’re planning to:
- Take out a loan
- Get a credit card
- Apply for a mortgage
- Buy a bill pay mobile
Even if you think your credit record is good, you may discover things on your report you didn’t know about. It can flag up things like:
It can also remind you of when you last had arrears and how long you’ve been free of them. This can be useful when choosing a lender because some have stricter lending criteria than others.
How do you get your credit report?
You can check your credit record free of charge on the Central Credit Register website.
To apply for your credit report, you’ll need to complete an application form and provide three types of identification:
Documents you need are:
- photo and signature i.e. passport or driving licence
- recent proof of your address
- proof of your PPSN
Does requesting your report affect your credit status?
No, you can access your report as often as you need and it won’t affect your record.
However, too many credit checks made by lenders when you apply for credit may affect your record, because it can be a sign that you’re having difficulty getting credit.
How long does information stay on your credit report?
Details about your credit agreements are kept for five years from when they’ve been paid off. For example, if you have a personal loan that runs for three years, lenders will be able to see information about its history for a further five years, until it’s removed from your record.
How often is your credit status updated?
Your credit record will change according to your borrowing habits and history. The report is only a snapshot of your credit status at a particular time, so it may change regularly.
Maintaining or improving your credit rating is possible by always repaying any loans, mortgage or credit on time and in full. It’s also possible to damage your credit status by defaulting on loans, paying balances late or exceeding credit limits.
It’s important to ensure the information on your credit report is accurate, so check it regularly.
What if you find a mistake on your credit record?
If you spot an error, you can start the process of amending information on your credit report by contacting your lender with the correct details.
You will need to provide any extra information that you may have in support of your request.
The CCR can’t change the information unless the lender advises them to.
Your credit report rights
- You have a right to apply for your credit report at any time, free of charge subject to fair usage.
- Under the Credit Reporting Act 2013, you have a right to ask for information on your credit report to be amended if you believe it is incorrect, incomplete or outdated. The CCR should respond to you within 20 days with an update or a decision, and there is a maximum period of 40 days within which your request must be answered.
- You can place an explanatory statement on your credit report to provide further information. Your statement must be 200 words or less and relate only to the information on your credit report.
- You can place a notice of suspected impersonation on your credit report if you believe you are being or have been impersonated. This will remain on your credit report for 90 days.
How to improve your credit rating
There are many ways you can boost your credit status, including:
Credit record FAQs
What is the Central Credit Register?
It’s operated and owned by the Central Bank of Ireland, and has been storing information about loans of €500 and over, since 2017.
Lenders must register details of loans with the Central Credit Register by law.
It’s also a requirement that lenders check your credit report using this database for any loans of €2,000 or more - and they don’t need your consent to do this.
Here’s more about how it works and exactly what’s included on the central credit register.
What does having bad credit mean?
Having ‘bad credit’ means lenders will likely see you as more of a risk. This is because when you struggle to keep up to date with your financial commitments, it’s recorded on your credit record.
A person with bad credit may have:
- regularly made late payments
- missed payments
- made multiple credit applications
- exceeded their credit card limit
- breached their overdraft facility
Having a poor credit record can make future borrowing difficult for things like: loans, credit cards and mortgages.
What happened to the Irish Credit Bureau (ICB)?
The ICB was owned by its members, such as banks, card issuers, mortgage providers and local authorities. It was formed to help speed up the process of getting credit, reduce the cost of credit, and help prevent fraud.
ICB’s credit records are no longer available for credit referencing purposes. Lenders will now use reports from the Central Credit Register (CCR), operated by the Central Bank of Ireland.
You can now obtain your credit report free of charge from the Central Credit Register.
What is a credit agreement?
It’s a contract between a lender and a borrower in which the creditor (lender) agrees to grant credit in the form of a loan or other similar financial arrangement and sets out the terms, rates calculation of interest and fees.
It covers credit cards, overdrafts, personal loans, mortgages, and hire purchase agreements.
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