Amendment to the Markets in Financial Instruments Act 2018

The Credit Reporting Act 2013 was amended to bring hire purchase agreements and similar credit agreements, together with personal contract plans (PCPs), within the scope of CCR.

The Markets in Financial Instruments Act 2018 was signed into law on 29 October 2018 and came into effect on that date. Close Brothers has an obligation to start reporting hire purchase, leasing, Personal contract plans and invoice discounting agreements as from 30 June 2019, so this will now impact existing customers who have these types of lending agreements.

What Credit Products need to be reported?

Generic Product List

Consumer

Non-consumer

Personal Loan

Business Loan

Credit Card, Charge Card

Business Credit Card

Overdraft, Revolving Facility

Business Overdraft, Business Revolving Facility

Mortgage Home Loan, Lifetime Mortgage Plan, Property Reversion Plan, Mortgage Buy to Let

Mortgage Buy to Let, Mortgage - Commercial

Hire Purchase

Business Hire Purchase

Personal Contract Plan

Business Leasing

Leasing

Stock Finance

 

Supply Chain Finance, Invoice Discounting

 

Syndicated Loan

 

Letter of Credit

What is a Qualifying Credit Agreement?

The Central Credit Register (CCR) collects information from lenders on credit applications and credit agreements of €500 or more (“qualifying agreement”).

NOTICE: Under the Credit reporting Act 2013 lenders are required to provide personal and credit information for credit applications and credit agreements of €500 and above to the Central Credit Register. This information will be held on the Central Credit Register and may be used by other lenders when making decisions on your credit applications and credit agreements.

The Central Credit Register is owned and operated by the Central Bank of Ireland. For more information, including on how your data is processed, see www.centralcreditregister.ie

Close Brothers also reports to the CCR on any changes to qualifying agreements on a monthly basis.

Credit Enquiry Report

The CCR requires Close Brothers to run a Credit Enquiry report on all applications for credit of €2000 or greater. The enquiry to the CCR must be made prior to Close Brothers making a decision whether to grant the credit sought in the credit application.

As a lender, under the obligations of CCR, we must also make a credit enquiry report if you request for a restructure of your credit agreement or if you miss a scheduled payment on your credit agreement.

Obtaining a Credit Report

You may ask for a copy of your individual credit report at www.centralcreditregister.ie.

This is available free of charge to individuals (subject to reasonable use). Non-Individuals are able to obtain their credit report free of charge once a year free and any subsequent requests will incur a charge.

Adding an Explanatory Statement to your Credit Report

You have a right to insert a statement of up to 200 words, relating to any information held on your CCR credit report and this statement will be included on all of your credit reports held by the CCR unless and until the statement is removed. You must notify the CCR to include such statements and to request for their removal.

Suspected Impersonation

Under the Act, you may notify the CCR where you reasonably believe that you have been or are about to be impersonated. The CCR will then attach a notice of suspected impersonation on your record and this will appear on all your credit reports generated on the CCR. This notice will remain on your record until either you request its removal, or 90 days, whichever is earlier. You can also request for the notice to be placed on your record for a further 90 days at the expiry of the first 90 days period.

Where Close Brothers suspects customer impersonation based on information that we have or receive, we will notify you as soon as reasonably practicable and (in any event) not later than 24 hours after we first believe that you have been or may have been impersonated.

Amending Personal Information on a Credit Report

You should notify us if you find that there is an error in your personal information or credit agreement in your CCR credit report.

Collection and Use of Personal Information

The CCR Regulations defines what lenders must collect as personal information. Close Brothers therefore has a duty to identity all borrowers and to verify their identity before we report this information to the CCR.

For an Individual, personal information includes:

  • Name
  • Residential address
  • Date of birth
  • Gender
  • PPSN

For a Sole Trader, personal information includes:

  • Name
  • Residential address
  • Date of birth
  • Gender
  • PPSN
  • Business Name
  • Business Address
  • Business Reference Number
  • Tax Reference Number

 For an entity made up by a group of individuals (i.e. partnership, club, association), personal information includes:

  • Business Name or Trading Name
  • Business Address
  •  BRN Number
  • Tax Reference Number

*each individual who makes up the group to provide personal information as per an “Individual”

For an incorporated entity, personal information includes:

  • Legal Name
  • Business Address
  • CRO Number
  • Tax Reference Number
  • LEI Number (if applicable)
Collection and Use of PPSN

PPSN is only collected and used in connection with reporting credit applications and credit agreements to the CCR through the enquiry and submission processes and cannot and will not be used for any other purpose.

Identification and Verification of Personal Information

The Credit Reporting Act 2013 (Section 20) (Verification of Identity of Credit Information Subjects) Regulation 2016 oblige Close Brothers to take all reasonable steps to verify the identity of all borrowers who make credit applications or have relevant credit agreements or provide guarantees.

To find out how we can help, call today on: 01 871 1060