ieExplains: Why is the Central Bank's error an issue for borrowers? 

Data stored on the Central Credit Register is supposed to be deleted after five years but the error meant that data from May, June, and July 2018 were included in individuals’ credit reports

The Central Bank said on Monday that approximately 20,500 borrowers could have been impacted by this error. Photo: Leah Farrell/Rollingnews.ie

On Monday, the Central Bank of Ireland apologised for an error in its Central Credit Register (CCR) system which resulted in the erroneous retention of borrowers’ information dating from May, June, and July 2018.

Data stored on the CCR is supposed to be deleted after five years but the error meant that data from those three months were included in individuals’ credit reports. If a borrower had repayment difficulties during those three months, it could have negatively impacted loan applications over the last several weeks.