‘Credit scores’ for borrowers on debt database

Borrowers will be given “credit scores” under plans for a new debt database which Finance Minister Michael Noonan hopes will be in place by the end of the year.

Full details of who owes what to banks, credit unions, licensed money lenders and to shops in hire purchase agreements will be recorded on the proposed Central Credit Register (CCR) to be established by the Central Bank.

The Department of Finance has published a consultation paper on the proposals and hopes to introduce the Credit Reporting Bill this autumn to meet demands of the bailout troika.