Central Bank criticised for credit database fee inaction

Consumer champions have criticised the Central Bank’s decision to begin operating its new national credit database without finalising the fees to be charged for its use.

From the end of this month, lenders will be required to submit details to the Central Credit Register (CCR) of all credit card, mortgage, overdraft, and personal loans of €500 or more and provide monthly updates on how they are being paid back.

From early next year, borrowers will be allowed one free personal credit report each year to check that details are correct and find out which lenders have been accessing their details.