Credit Reporting Act 2013

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.

Annotations:

Modifications (not altering text):

C2

Reference to Data Protection Commissioner construed (25.05.2018) by Data Protection Act 2018 (7/2018), s. 14(2), commenced as per subs. (4) and S.I. No. 175 of 2018.

Transfer of functions of Data Protection Commissioner to Commission

14. (1) All functions that, immediately before the establishment day, were vested in the Data Protection Commissioner are transferred to the Commission.

(2) A reference in any enactment or instrument under an enactment to the Data Protection Commissioner or to the Office of the Data Protection Commissioner shall be construed as a reference to the Commission.

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