Central Credit Register

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BigPineapple

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Any one know how CCR report work the 500 limit? I'd like to understand the mechanism of how it function to minimise unintentionally showing up as a person with an unfavourable credit history in the event that I need to apply for a loan in future.

I have been using Debit card (From my own account) but I planned to switch to using Credit Card (From bank as unsecured credit) going forward to utilise the consumer protection it provide over debit card and interest free for 56 days.


Is it:
per transaction (i.e. if I spend 400 on credit card in one transaction and I spend another 300, the credit card provider doesn't inform CCR??)
or
cumulative (i.e. if I spend 400 on credit card in one transaction and I spend another 300, the credit card provider will inform CCR that I have 'borrow' 700? If that is the case, do they inform CCR once only until my balance is below 500 and the cycle begin again or would it be that after the initial 700 reported, they would subsequently report it based on any transaction that is over 500 until such time where my balance is below 500 and the cycle begins again??))
 
The quick answer is don't exceed your credit card limit and always pay it off. Your credit rating will be fine then. Having a credit card should not impact your credit rating managing it badly will.

As for what appears on your CCR it's your credit card limit that will first determine if it appears on your CCR statement. If your credit card limit is €500 or above your card will appear regardless of balance/transactions. Your credit card is in effect a loan agreement up to and including your cc limit that's why limit matters in this case. So you may already have a credit card that you don't use but if the limit is above €500 it is already in your CCR statement.

After that it will show your outstanding balance at the end of each month. It will also indicate the number of payments past due and any restructuring events that have taken place, any over limit amounts and when etc.
 
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No, won't be exceeding the credit card limit and it will be paid off via direct debit.

Back to the CCR side, my credit card limit is 2.5K. From what you said it seems like whatever I spend, as long as I paid it off in full, it will not be showing up in the report. That's no problem there as it will be via direct debit.

What about the mandatory reporting of over 500? How does that work? That is an independent requirement separate to the above, no?
 
No, in your case your credit card is reported in your CCR regardless of what you spend. That's because you're credit card limit is €2,500. Your credit card limit is over €500, so your credit card provider is required to report.

They have to report no matter if you use it or not. If you put it in a draw and never used it, it would still be reported (albeit with lots of zeros).

The fact that the CCR reports your credit card shouldn't be a concern, especially as you pay it off each month. In that case it will show a future lender you're capable of managing the credit you have.
 
I see, I thought it is only spend of 500 or more that it goes into the report rather than credit card limit (My reference was extracted from citizen information). OK i guess it is not an issue then so long as I paid it all off on time regarding future borrowing record.

"The Central Credit Register provides credit reports to borrowers and lenders. It is a database that stores personal and credit information on loans of €500 or more."

Thanks.
 
It's the difference between how you might view your credit card and how a lender would look at it. Your credit card limit is what the lender has agreed to lend you. They will allow you to spend €2.5k. You might never drawdown the full amount but it's still an agreed line of credit.
 
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