What Is A Consumer Credit Licence
The Consumer Credit Act 1974 requires most businesses that offer credit or lend money to consumers to be licensed by the OFT. This includes where credit is arranged to finance the purchase of goods or services. Licensing arrangements may also be required by debt collectors, debt advisors and businesses that offer goods for hire or leasing. Trading without a licensing arrangement is a criminal offence and can result in a fine and/or imprisonment.
Basically, if you are going to pass your information to a third party for any from of debt counceling or credit reference,loans etc. The company or person should hold a valid consumer credit licence.
You can ask for a copy of this licence at any time, and people should. In over 10,000 loan applications over a 5 years period, I dont think I have been asked to produce mine once! scary.
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