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New Credit Register should allow a clean break for mortgage holders: Doherty

23 October, 2013 - by Pearse Doherty TD

Sinn Féin finance spokesperson, Pearse Doherty TD, has said the proposed new Credit Register should be amended to allow mortgage holders who have successfully restructured have a clean break from their previous unsustainable mortgage. Deputy Doherty was speaking at the Committee Stage of the Credit Reporting Bill 2012.

Deputy Doherty said:

“Today I moved an amendment that would allow people who have successfully had their mortgage restructured have the out-of-date information removed from their credit record.  The mortgage crisis is still raging out of control and this government has failed to grasp the issue and take the necessary action.

“For those who have successfully restructured this new register can still show the black marks from a previous unsustainable mortgage. These black marks may prevent a homeowner from accessing credit in the future that they can otherwise afford. The government should move to allow a clean break for those who have managed to restructure their mortgage successfully.

“I welcome the proposed establishment of the Central Bank’s new Credit Register and believe it can be helpful in preventing irresponsible lending but it should not be used as another stick to beat down homeowners.”

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