1 February 2025 is a key date regarding the scope of Ireland’s credit reporting framework.

Where a reportable credit agreement is entered on or after 1 February 2025, and a guarantee is entered into in respect of that credit agreement on or after 1 February 2025, the relevant credit information provider (CIP) will now also be required to report data in relation to both the guarantee and the guarantor to the Central Credit Register (CCR), operated by the Central Bank of Ireland.

More information is set out in our recent insights: Credit Reporting Update: Guarantees reportable from 1 February 2025.

It is important to remember that the Credit Reporting Act 2013 requires that credit information subjects (including guarantors) are made aware, by CIPs, of their rights and duties under that Act.

In practical terms, in commercial transactions this will usually now be set out on the front page of the relevant guarantee (in the form of a warning notice) when a draft is provided to the guarantor for review.  That warning should also inform the guarantor that information may be reported to the CCR and may be obtained by other lenders when assessing applications.

The CCR has updated its website here: Information for Guarantors and detailed information is also included in its Central Credit Register Guidance.

Please get in touch with your usual contact in the Arthur Cox Debt Finance group to discuss the above in more detail.