What types of loans are included on the Central Credit Register (CCR)?
Loans included on the Central Credit Register are:
· Credit cards
· Personal loans
Hire Purchase and Personal Contract Plans (PCPs) are not included at this time, but it is intended that they will be included in the future.
When will lenders start sending loan information to the CCR?
The project is in two phases.
Phase 1 begins on 30 June 2017. From then, organisations like banks, credit unions and any other lenders who provide consumer loans, will start giving details of these loans to the CCR.
Phase 2 is due to begin in March 2018. From then licensed moneylenders and local authorities will start giving loan details to the CCR.
During phase 2, details of business loans will also start being reported to the Central Credit Register.
What information will be held on the Central Credit Register?
The CCR will hold information about loans existing on 30 June 2017 and any new loans after that. From then, lenders will also send the Central Credit Register monthly updates on the status of loans. This information will include the personal information referred to in the attached letter.
The type of credit information that the CCR will store includes the:
· amount of all loans;
· type of each loan – such as credit card, mortgage, overdraft or personal loan;