The new Central Credit Register, a bridge too far?

Who is John Galt?

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Yesterday I got a letter from my local Credit Union, informing me that as and of the 30th of this month they will be forwarding all my credit details to the new, shiney Central Credit Register.

https://www.centralcreditregister.ie/about/how-it-works/?gclid=Cj0KCQiAgs7RBRDoARIsANOo-HgI_H4re11Fle2waf4u1ioLaEOnbg03t7gxsRGQn6pDdyR3XS5s5C8aArl6EALw_wcB

This will include my name, address, date of birth and my PPS number.

They informed me that the CCR needs this information to make sure it accurately matches my loans, including loans that I may have with other lenders.

As far as I can make out this is to make life easy for banks and other credit institution to calculate my worthiness when applying for a loan. I cannot see what use it will be to ordinary customers.

They claim they are obliged to do this under the credit reporting act of 2013.

https://www.centralcreditregister.ie/about/background/

They also claim that this was widely advertised in the press, radio, and television as far back as the middle of this year.
I spend more time than I should reading quality newspapers and watching television and, I must admit, this passed me by.

One of my major gripes is tha I got this letter on th 14th of this month and have only sixteen days, including the Christmas holidays, to respond.
Neither my bank or my credit card company have been in touch yet.

Big brother.....1984.......or am I just being awkward?
 


Dame_Enda

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In 2008 the credit union industry faced possible collapse. The govt correctly took measures to prevent a repeat.
 

Deadlock

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I'm not sure if it's related or not, but a few months ago, we each got a letter from the local CU requiring ID and proof of address. We'd been overseas for a few years, and concluded it was probably a regulation brought in while we were away. No such request from the Banks however.

I'm guessing from conversations with friends and colleagues, and reading between the lines in press reports, that regulation and diligence in the CU sector is patchy, and that measures like these and those you describe might be an effort to try and iron it all out.
 

Dame_Enda

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Probably an anti money laundering measure in part.
 

im axeled

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Yesterday I got a letter from my local Credit Union, informing me that as and of the 30th of this month they will be forwarding all my credit details to the new, shiney Central Credit Register.

https://www.centralcreditregister.ie/about/how-it-works/?gclid=Cj0KCQiAgs7RBRDoARIsANOo-HgI_H4re11Fle2waf4u1ioLaEOnbg03t7gxsRGQn6pDdyR3XS5s5C8aArl6EALw_wcB

This will include my name, address, date of birth and my PPS number.

They informed me that the CCR needs this information to make sure it accurately matches my loans, including loans that I may have with other lenders.

As far as I can make out this is to make life easy for banks and other credit institution to calculate my worthiness when applying for a loan. I cannot see what use it will be to ordinary customers.

They claim they are obliged to do this under the credit reporting act of 2013.

https://www.centralcreditregister.ie/about/background/

They also claim that this was widely advertised in the press, radio, and television as far back as the middle of this year.
I spend more time than I should reading quality newspapers and watching television and, I must admit, this passed me by.

One of my major gripes is tha I got this letter on th 14th of this month and have only sixteen days, including the Christmas holidays, to respond.
Neither my bank or my credit card company have been in touch yet.

Big brother.....1984.......or am I just being awkward?
say thanks to baldy noonan for that, he done his best at the banks behest to cripple them
 

Who is John Galt?

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Probably an anti money laundering measure in part.
The stable door is open and the sound of the horse's hooves can be heard disappearing into the distance.
Any money launderer worth his salt has probably long ago changed over to Bitcoin, Tor and other versions of the Dark Web.
 

Who is John Galt?

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The Central Bank has it in for the Credit Unions because they are providing a service to the people that banks are unable, or unwilling, to provide.
I'm not a member, but go into Tullamore CU any day and watch the fast moving queues, serviced by pleasant and efficient ladies.
There have been two major failures among Credit Unions, in Naas and Cork, but as far as I know, they involved inside cronies lending on land and property speculations they thought couldn't fail.
 

Travis Bickle

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The problem is Credit Unions are a Co-Op and Banks charge you to use your money for their investing/profits. Credit Unions are practically communism dag nab it!
 

Hillmanhunter1

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I suspect that the real reason why the Credit Unions are being required to join the Central Credit Register is so that a widely abused blind-spot is eliminated.

Up until now if a bank was offering a customer a mortgage they couldn't see if the customer had a loan at a credit union.

There is a suspicion that some customers were coming up with their part of the house purchase price by borrowing from a credit union and telling the bank that the lump-sum that arrived into their bank account was a gift from their parents.
 
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Maction

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Ah yeah....gone are the days when you could borrow 20k from the CU without your mortgage lender knowing. You wants financial prudency.

I love the notion of credit unions (I’ve strongly advocated their benefits in a previous thread) but I’m strongly in favour of full financial disclosure. Some CUs struggling with small loan delinquencies because of improper disclosures by some of their borrowers thus poor lending decisions by some CUs.

I don’t see the problem with a fully functional and enforced CCR. It will actually greatly help credit unions in the long run.
 
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cricket

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Ah yeah....gone are the days when you could borrow 20k from the CU without your mortgage lender knowing. You wants financial prudency.
A good few years ago, I knew of one person who took out a large CU loan and defaulted. They then went on to take out loans from two other CU's and also defaulted. One was done by simply using a relative's address, the other by joining a work related CU. The credit unions were not even talking to each other. AFAIK, the loans were never repaid.
 

Maction

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In 2008 the credit union industry faced possible collapse. The govt correctly took measures to prevent a repeat.
On a national accumulative basis, the CU movement never came near collapse. A few individual CUs were rightly exposured (Newbridge, Charlville etc etc). The papers really egged that particular ‘crisis’ which I felt was more to do with a certain finance minister getting p@&()d that collectively the CUs held much needed cash on their balance sheets that the mainstreet banks could have done with.

But I strongly support the move to ensure all credit facilities held by individuals with a CU are accurately reported to the CCR.
 

cricket

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Credit union movement is one of the great aspects of Irish society but it was weak in oversight up to a few years ago. A veteran of the organisation once told me that he gets worried when he sees more than one member of a family involved in a branch. It is not necessarily a bad thing, but needs watching.
Overall, though, it does a great job and is worthy of widespread support.
 

Who is John Galt?

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Ah yeah....gone are the days when you could borrow 20k from the CU without your mortgage lender knowing. You wants financial prudency.

I love the notion of credit unions (I’ve strongly advocated their benefits in a previous thread) but I’m strongly in favour of full financial disclosure. Some CUs struggling with small loan delinquencies because of improper disclosures by some of their borrowers thus poor lending decisions by some CUs.

I don’t see the problem with a fully functional and enforced CCR. It will actually greatly help credit unions in the long run.
This new found government concern for the Credit union system is truly heartwarming.
Especially when one remembers that the only bondholders who ever got burned in the recent crisis were the CU's who invested money in the Banks.
 

Maction

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Credit union movement is one of the great aspects of Irish society but it was weak in oversight up to a few years ago. A veteran of the organisation once told me that he gets worried when he sees more than one member of a family involved in a branch. It is not necessarily a bad thing, but needs watching.
Overall, though, it does a great job and is worthy of widespread support.
The CU movement is a potential sleeping giant. It has huge potential to genuinely gain a foothold in the retail banking sector. All moves to modernize it should be welcomed. If the CU sector can successfully maintain its cooperative and community ethos and continue adapting to a modern market, its onto a winner. The ingredients are there but I fear the organisation is still too disjointed and unfocused
 

ShoutingIsLeadership

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I'm not sure if it's related or not, but a few months ago, we each got a letter from the local CU requiring ID and proof of address. We'd been overseas for a few years, and concluded it was probably a regulation brought in while we were away. No such request from the Banks however.

I'm guessing from conversations with friends and colleagues, and reading between the lines in press reports, that regulation and diligence in the CU sector is patchy, and that measures like these and those you describe might be an effort to try and iron it all out.
Nah, that's money laundering legislation...such information needs to be kept up to date.
 

Who is John Galt?

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Joined
Mar 15, 2010
Messages
6,195
The CU movement is a potential sleeping giant. It has huge potential to genuinely gain a foothold in the retail banking sector. All moves to modernize it should be welcomed. If the CU sector can successfully maintain its cooperative and community ethos and continue adapting to a modern market, its onto a winner. The ingredients are there but I fear the organisation is still too disjointed and unfocused
On the other hand, perhaps its disjointed structure is a strength to be welcomed.
Its great advantage is that it avoids cross contamination, thus avoiding a domino like effect in times of recession.
 

Watcher2

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Yesterday I got a letter from my local Credit Union, informing me that as and of the 30th of this month they will be forwarding all my credit details to the new, shiney Central Credit Register.

https://www.centralcreditregister.ie/about/how-it-works/?gclid=Cj0KCQiAgs7RBRDoARIsANOo-HgI_H4re11Fle2waf4u1ioLaEOnbg03t7gxsRGQn6pDdyR3XS5s5C8aArl6EALw_wcB

This will include my name, address, date of birth and my PPS number.

They informed me that the CCR needs this information to make sure it accurately matches my loans, including loans that I may have with other lenders.

As far as I can make out this is to make life easy for banks and other credit institution to calculate my worthiness when applying for a loan. I cannot see what use it will be to ordinary customers.

They claim they are obliged to do this under the credit reporting act of 2013.

https://www.centralcreditregister.ie/about/background/

They also claim that this was widely advertised in the press, radio, and television as far back as the middle of this year.
I spend more time than I should reading quality newspapers and watching television and, I must admit, this passed me by.

One of my major gripes is tha I got this letter on th 14th of this month and have only sixteen days, including the Christmas holidays, to respond.
Neither my bank or my credit card company have been in touch yet.

Big brother.....1984.......or am I just being awkward?
Borrowers details have always been reported to a register. I always thought there was only one. Oh well, looks like a non story really.
 


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