On the 26th February 2014, the Department of Trade and Industry published the Removal of Adverse Consumer Information and Information Relating to Paid Up Judgements Regulations, 2014 ('the credit information amnesty').
As per the regulations, credit bureaus were required to remove the following information, held on the database as at 1 April 2014, from their records:
- All adverse credit information of consumer behaviour such as “delinquent”, “default,” and “slowing paying information.”
- All adverse credit information of enforcement action taken by the credit provider such as “handed over to collections” or “write-off.”
- All adverse credit information (as defined in a and b above) contained within the payment profile of a consumer.
Credit bureaus were further required to remove all paid up civil judgements where the consumer has settled the capital amount. This will happen on an on-going basis.
Consumers are reminded that they are still liable for their debt under ...