Lenders are required to give the Central Credit Register details of all loans over €500 and you have the right to see your record
Lenders are required to give the Central Credit Register details of all loans over €500 - and you have the right to see your record
The Central Credit Register keeps tabs on your loan history over the preceding five years. Missing repayments can come back to bite you. That is why it pays to know more about the registerHow to save money in 2025: Low spend challenges, Revolut tip and direct debit reviews The report pulls together what multiple lenders know about you. From this “hive mind”, your multi-page credit report is distilled in a manner that brings you face to face with your finances. Seeing it can be a bit exposing.
There may be glimpses of the earlier you in your report, too. So you took out a credit card in November 1999 – that must have been before you went backpacking, you recall. Over time, the limit increased to €4,600, you made the last repayment in August 2020, paying off an outstanding balance before closing the account after 21 years.If you apply for a loan of €2,000 or more in your own name, lenders are required to request a copy of your report.
The “number of payments past due” column of your report tracks your repayment record over the past five years. Where loan repayments are met, a “0″ is entered in this column. If you miss a repayment, a “1″ is entered. It is not just missed payments that can put a lender off. A riot of borrowing by overdraft, credit card and “buy now, pay later” services can make a new lender nervous, too, McNamara says.
Your report will not show what you bought, but if you borrowed €500 or more this way then these companies are required to report it to the register along with interest or penalties charged, the Central Bank says.If you have agreed a payment break with your bank then that is fine. It may be part of the terms of your mortgage that you can do so. Any missed payment that you have not agreed to in advance, however, can affect your credit history.
“Maybe there is a blip of one month on your credit card that can be explained; that’s why I encourage mortgage applicants to get their report upfront,” he says.“We would present bank statements and say, ‘Look, this is clearly a once-off. You can see that, at all other times, the account was conducted appropriately and you can see she had a few thousand in her savings accounts, so it wasn’t a cash problem, it was a timing issue'.
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