Credit Reporting Act 2013

PART 1 Preliminary and General

1.. Short title and commencement

1. (1) This Act may be cited as the Credit Reporting Act 2013.

(2) This Act comes into operation on such day or days as the Minister may appoint by order or orders either generally or with reference to any particular purpose or provision, and different days may be so appointed for different purposes or different provisions.

2.. Interpretation

2. (1) In this Act—

“anonymised information” has the meaning given by section 5(3);

“Bank” means the Central Bank of Ireland;

“consumer price index” means the Consumer Price Index (All Items) published by the Central Statistics Office or any equivalent index published from time to time by that Office;

“credit” includes a loan, deferred payment or other form of financial accommodation, other than any provided—

(a) by one credit institution to another,

(b) to any entity classified within general government in relation to the State within the meaning given by the Fiscal Responsibility Act 2012, the government of any other country or territory or any international organisation,

(c) by a company to a related undertaking of the company,

(d) by a person who does not provide credit except to the person’s employees,

(e) in connection with the provision of a utility or other service on a continuing basis,

F1[(f) in the form of trade credit, or]

(g) without any requirement to pay interest or any other charge (in any circumstances);

“credit agreement” means, subject to subsection (2), an agreement made between a credit information provider and another person for the provision of credit for the other person;

“credit application” means, subject to subsection (2), an application for the provision of credit made to a credit information provider and completed in accordance with the application processes of the credit information provider;

“credit information” has the meaning given by section 7;

“credit information provider” means, subject to subsection (3)—

(a) a regulated financial services provider,

(b) NAMA,

(c) a local authority, or

(d) any person not within paragraphs (a) to (c) who provides credit, other than—

(i) the Bank or the central bank of any country or territory other than the State, or

(ii) a pawnbroker, within the meaning of the Pawnbrokers Act 1964;

“credit information subject” means a person who—

(a) has made a credit application,

(b) has made a credit agreement for the provision of credit to the person, or

(c) is a guarantor;

“credit institution” means a credit institution within the meaning of Article 4.1(1) of Regulation (EU) No. 575/2013 ^1 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012;

“credit score”, in relation to a credit information subject, means a numerical or alphanumerical value assigned to the credit information subject, on the basis of information on the Register relating to the credit information subject, to indicate the level of risk of the credit information subject defaulting on financial obligations;

“Governor” has the meaning given by section 2(1) of the Central Bank Act 1942;

“guarantor” means a person who is proposing to give, or has given, a guarantee or indemnity in connection with a credit agreement;

“Head of Function” has the meaning given by section 2(1) of the Central Bank Act 1942;

“international organisation” has the meaning given by section 186B of the Social Welfare Consolidation Act 2005;

“local authority” has the meaning given by section 2(1) of the Local Government Act 2001;

“Minister” means the Minister for Finance;

“NAMA” means the National Asset Management Agency;

“notice” means a notice given in writing (whether electronically or otherwise);

“personal information” has the meaning given by section 6;

“qualifying credit agreement” has the meaning given by section 11(5);

“qualifying credit application” has the meaning given by section 11(5);

“Register” means the Central Credit Register established under section 5;

“regulated financial services provider” has the meaning given by section 2(1) of the Central Bank Act 1942;

“related undertaking”, in relation to a company, means—

(a) a subsidiary of the company,

(b) the holding company of the company,

(c) a subsidiary of—

(i) the holding company of the company, or

(ii) a subsidiary of that holding company,

and for this purpose “holding company” and “subsidiary” have the meanings given by section 155 of the Companies Act 1963;

“relevant credit application” has the meaning given by section 14(5).

F2[(1A) For the purposes ofparagraph (f)of the definition of‘credit’insubsection (1), a loan, deferred payment or other form of financial accommodation (the‘relevant credit’) is provided in the form of trade credit if the following conditions are satisfied—

(a) in the case of both the person (the‘first-mentioned person’) by whom, and the person to whom, the relevant credit is provided, each is acting in the course of his or her business, trade or profession,

(b) the first-mentioned person is not a regulated financial services provider,

(c) the terms of the relevant credit provide for repayment, whether in instalments or as a single amount, of the whole of the credit by a date that is not later than 6 months after the date of its provision, and

(d) the purpose of the relevant credit is to facilitate the purchase of goods or services from the first-mentioned person.]

(2) A credit application or credit agreement is not one in relation to which this Act applies unless—

(a) the applicant for the provision of credit, or the person for whom credit is provided under the credit agreement, is resident in the State at the time when the credit application or credit agreement is made, or

(b) the law governing any credit agreement made pursuant to the application would be, or the law governing the credit agreement is, the law of the State.

(3) Subject to subsection (4), where a person has acquired rights of a credit information provider under a credit agreement, for the purposes of this Act that person is with respect to the rights acquired the credit information provider in relation to the credit agreement, instead of the person whose rights under the credit agreement have been acquired.

(4) Subsection (3) does not apply in relation to a credit agreement where a participating institution is performing any relevant service in respect of rights under the credit agreement pursuant to an arrangement or agreement under section 131 of the National Asset Management Agency Act 2009.

(5) In subsection (4)—

“participating institution” has the meaning given by section 4(1) of the National Asset Management Agency Act 2009;

“relevant service” has the meaning given by section 128 of the National Asset Management Agency Act 2009.

3.. Regulations and orders

3. (1) Any regulations made by the Bank or order made by the Minister under this Act may contain such incidental, supplementary or consequential provisions as appear to the Bank or the Minister to be necessary or expedient for the purposes of the regulations or order.

(2) Any regulations or order made under this Act, other than an order under section 1(2), shall be laid before each House of the Oireachtas as soon as may be after being made and, if a resolution annulling the regulations or order is passed by either such House within the next 21 days on which that House has sat after the regulations are or order is laid before it, the regulations or order shall be annulled accordingly, but without prejudice to the validity of anything previously done under the regulations or order.

4.. Expenses

4. The expenses incurred by the Minister in the administration of this Act shall, to such extent as may be sanctioned by the Minister for Public Expenditure and Reform, be paid out of moneys provided by the Oireachtas.

PART 2 The Central Credit Register

5.. Central Credit Register

5. (1) The Bank shall establish, maintain and operate a database of information to be known as the Central Credit Register (referred to in this Act as the “Register”).

(2) The Bank may hold on the Register—

(a) personal information in relation to a credit information subject,

(b) credit information which relates to any credit application or credit agreement made by a credit information subject or any credit agreement in connection with which the credit information subject is a guarantor,

(c) details linking any credit information subject who has made a credit agreement for the provision of credit with any other credit information subject who has given a guarantee or indemnity in connection with the credit agreement or also has liabilities under the credit agreement, and

(d) credit scores and other analyses produced by the Bank in relation to a credit information subject.

(3) The credit information that the Bank may hold on the Register also includes general reports, analyses and statistics produced by the Bank from which credit information subjects cannot be identified (referred to in this Act as “anonymised information”).

6.. Personal information

6. (1) In relation to a credit information subject who is an individual, the following is personal information—

(a) the individual’s forename and surname and any former surnames (including any alias);

(b) the individual’s mother’s birth surname;

(c) the individual’s date and place of birth;

(d) the individual’s address and previous addresses;

(e) the individual’s telephone number;

(f) the individual’s personal public service number (within the meaning of section 262 of the Social Welfare Consolidation Act 2005) and any other reference numbers allocated to the individual for the purposes of tax (whether in the State or any other country or territory);

(g) the individual’s employment status and, if employed or carrying on other activities, the individual’s occupation and the sector of the economy in which the individual is occupied.

(2) In relation to a credit information subject who is an individual carrying on activities otherwise than as an employee, the following is also personal information—

(a) any trading name, the nature of the entity by which the activities are carried on and any registration number issued to the credit information subject by the Companies Registration Office;

(b) the address of the place (or, where more than one, the principal place) at which the activities are carried on;

(c) the telephone number for any place where the activities are carried on.

(3) In relation to a credit information subject which is not an individual, the following is personal information—

(a) the credit information subject’s name, the nature of the entity it is and any registration number issued to it by the Companies Registration Office;

(b) the address of the place (or, where more than one, the principal place) at which the activities of the credit information subject are carried on and (if a company) the address of the registered office of the credit information subject;

(c) the telephone number of the credit information subject;

(d) all reference numbers allocated to the credit information subject for the purposes of tax (whether in the State or any other country or territory);

(e) the sector of the economy in which the credit information subject carries on its activities.

(4) The Bank may, following consultation with the Data Protection Commissioner and with the consent of the Minister, make regulations specifying additional information which is to be personal information in relation to all credit information subjects or in relation to any class of credit information subjects.

(5) Regulations under subsection (4) may not be made unless the Bank considers that the holding on the Register of the personal information specified in the regulations is likely to facilitate the accurate identification of credit information subjects.

(6) A person who uses, or seeks to have disclosed, a personal public service number for any purpose connected with this Act does not commit an offence under section 262(9) of the Social Welfare Consolidation Act 2005.

7.. Credit information

7. (1) The following is credit information in relation to a credit application or credit agreement made by a credit information subject or a credit agreement in connection with which a credit information subject is a guarantor—

(a) the nature and term of the credit applied for or agreed (including the amount or maximum amount of credit, the currency in which it is denominated and conditions about payment or repayment);

(b) the nature and extent of any guarantee or indemnity, or any security, given or to be given and details of any associated valuation;

(c) the rate or rates of interest payable or to be payable;

(d) any identifying number allocated to the credit application or credit agreement, or to the credit information subject, by the credit information provider;

(e) details of any risk rating undertaken in relation to the credit applied for or agreed;

(f) details of any securitisation of the credit agreed.

(2) The following is also credit information in relation to a credit agreement made by a credit information subject or a credit agreement in connection with which a credit information subject is a guarantor—

(a) any changes to the nature or term of the credit agreed or to any guarantee, indemnity or security given in connection with the credit agreement;

(b) any proposal or arrangement with respect to debts under the credit agreement or any guarantee or indemnity given in connection with the credit agreement;

(c) other information relating to the performance of obligations under or relating to the credit agreement or any guarantee or indemnity given in connection with the credit agreement.

(3) The Bank may, following consultation with the Data Protection Commissioner and with the consent of the Minister, make regulations specifying additional information relating to credit applications or credit agreements, or any class of credit applications or credit agreements, which is to be credit information in relation to credit applications or credit agreements or that class of credit applications or credit agreements.

(4) Regulations under subsection (3) may not be made unless the Bank considers that the holding on the Register of the credit information specified in the regulations is likely to facilitate the making by credit information providers of decisions whether to provide credit or on what terms or the performance by the Bank of any of its functions.

8.. Period for which information may be held on Register

8. (1) Personal information and credit information which identifies a credit information subject and is held on the Register as the result of a credit application may be held on the Register for 6 months beginning with the day on which it is entered on the Register.

(2) Personal information and credit information which identifies a credit information subject and is held on the Register as the result of a credit agreement may be held on the Register—

(a) in the case of credit information to which section 7(2)(b) applies, until the end of the period of 5 years beginning with the day on which the proposal is withdrawn or the arrangement is terminated,

(b) in the case of credit information to which section 5(2)(d) or 7(2)(c) applies, until the end of the period of 5 years beginning with the day on which it is entered on the Register,

(c) in the case of any other credit information, until the end of the period of 5 years beginning with the first day on which all liabilities under the credit agreement to which it relates have been discharged, and

(d) in the case of personal information, for as long as any credit information relating to the credit information subject may be held on the Register.

(3) Anonymised information may be held on the Register indefinitely.

9.. Application for amendment of information held on Register

9. (1) Where the Bank receives an application from a credit information provider or credit information subject to amend information held on the Register on the ground that it is inaccurate, incomplete or not up to date, the Bank—

(a) shall take all such steps, including giving notice requiring the provision of information from any credit information provider or credit information subject, as are reasonable to enable the Bank to decide whether to amend the information, and

(b) where it decides that the information should be amended, shall do so.

(2) An application under subsection (1) shall be in writing and accompanied by information supporting the application.

(3) Where the Bank requires a credit information provider or credit information subject to provide information under subsection (1)(a), the requirement shall be complied with within 15 days of the date on which the notice is received.

(4) If an application under subsection (1) is made by a credit information subject, the Bank shall, unless the application has already been decided or withdrawn, notify the credit information subject that the Bank will, no later than 20 days after the date on which the application is received, give notice to the credit information subject either—

(a) of the decision that has been made on the application, or

(b) that the Bank requires until such date as is specified in the notice, not being more than 40 days after the date on which the application is received, to make a decision on the application.

(5) If an application under subsection (1) is made by a credit information subject, the Bank shall, unless the application has already been decided or withdrawn, make a decision on the application no later than 20 days after the date on which the application is received or, if the Bank gives notice under subsection (4)(b), no later than the date specified in the notice.

(6) If the Bank gives notice to a credit information subject under subsection (4)(b), the notice shall state the reasons why it has not yet been possible to make a decision.

(7) Where an application to access information held on the Register which relates to a credit information subject is made at a time when an application to amend the information has been made but not decided, the Bank shall either—

(a) refuse to give access to the information until the application to amend the information has been decided, or

(b) indicate to the person making the application to access the information that an application to amend the information has been made but not decided.

10.. Notification of decision on application for amendment