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Introduction to Consumer Credit
Consumer credit refers to credit in some form given to the
consumers. It is a way of financing a client on condition of a
deferred payment, at a later date or within a particular period
of time.
The businesses that provide consumer credit facilities need to
comply with some regulations as lay down by the laws of the
state. It is equally applicable to specialist credit businesses
like credit card providers and money lenders to mail-order
businesses or shops that permit the customers to buy on credit
or lease out or hires goods. That is, the enterprises that give
consumer credit facilities have to have a valid consumer credit
license from the Office of Fair Trading (OFT). It is a mark of
assurance to the customer that the business firm certified by
OFT is fit for serve the customers.
Let us see which all businesses require a consumer credit
license as a mandatory requirement by the law. The businesses
that sells on credit, leases out or hires goods for over a
period of 3 months, lends dollars, involved in credit card
selling, arranges credit for others, provides hire/purchase
commodities, collects debts, and give advise on others credit
standing come under the purview of a consumer credit license.
But those lends amounts or hire goods for a cost more than a
fixed amount, those deal only with limited companies and those
allow the clients to pay back the amount in four or lesser
installments are exempted from the consumer credit license.
Ideally one should check the guidelines from the OFT website to
find out clearly which all businesses need a consumer credit
license. Remember, to trade without a consumer credit license
when you are required to earn one is a crime that invites fine
or prison term or both.
Consumer credit license is valid for a fixed time period (5
years or so) and is required by the business to renew it after
its expiry. However, the OFT can revoke, suspend or change the
license at any point of time. The decision to do so is at the
exclusive discretion of the authority. All the consumer credit
license holders will be listed in the Consumer Credit Register,
which is given free of cost for the public.
If the business consists of many companies, each trading in any
of the categories, then each of the firms requires a separate
license. Also, the OFT has laid down rules regarding advertising
credit and credit agreements. All these details are furnished in
the OFT website.
The government and the regulatory body assume that it is the
duty of the business to keep themselves informed about the rules
and regulations that govern their enterprises. Any breach of
conduct can result in hefty fines and prison terms. It is all
about being law-obedient and straight.
About the author:
Jakob Jelling is the founder of http://www.cashbazar.com. Visit
his website for the latest on personal finance, debt
elimination, budgeting, credit cards and real estate.
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| Credit Reports - Credit Cards - Car Loans - Home Loans - Credit.com |
| Credit.com offers a variety of credit related products and services including credit reports and credit scores, credit cards, car loans, home loan and ... |
| www.credit.com |
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| Equifax Personal Solutions: Credit Reports, Credit Scores ... |
| National consumer credit reporting company that offers credit reports, FICO(R) credit scores and identity theft protection products to consumers and small ... |
| www.equifax.com |
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| The FTC's web site on Credit |
| Credit is much more than a piece of plastic, and the resources on this site can help you become a more savvy consumer. You’ll also find compliance ... |
| www.ftc.gov |
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| Federal Trade Commission - Consumer Credit Center |
| Features an assortment of helpful articles related to credit issues. |
| www.ftc.gov |
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| AnnualCreditReport |
| Site set up by the big three credit reporting agencies in the United States, to furnish free annual credit reports, as required by federal law. |
| www.annualcreditreport.com |
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| Springboard - Non-Profit Consumer Credit Management |
| Our mission is simple: To offer education on the wise use of credit. ... SPRINGBOARD has been approved to provide credit counseling services and issue ... |
| www.credit.org |
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| myFICO - FICO Credit Scores, Online Credit Reports and Identity ... |
| myFICO.com: Get your Free credit report and Free credit score with a 30-day trial of Score Watch. All three FICO Scores and Credit Reports Available now ... |
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| Credit Suisse Global |
| Credit Suisse Group is an international financial services group. - Shares part of SMI. |
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| Experian: Free Credit Report and Credit Score, Credit Check ... |
| Credit referencing and consumer targeting for the USA and other countries. |
| www.experian.com |
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| National Credit Union Administration - Home Page |
| An independent federal agency that supervises and insures 7152 federal credit unions and insures 4240 state-chartered credit unions. |
| www.ncua.gov |
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| Credit - Wikipedia, the free encyclopedia |
| Debits and Credits, a type of bookkeeping entry; Credit (creative arts), acknowledging the ideas or ... Retrieved from "http://en.wikipedia.org/wiki/Credit" ... |
| en.wikipedia.org |
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| Credit (finance) - Wikipedia, the free encyclopedia |
| Any movement of financial capital is normally quite dependent on credit, ... Sometimes if a person has financial instability or difficulty, credit is not ... |
| en.wikipedia.org |
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| The National Foundation for Credit Counseling |
| DebtAdvice.org is a service provided by the Members of the National Foundation for Credit Counseling (NFCC), most of them known as Consumer Credit ... |
| www.nfcc.org |
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| FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
| FreeCreditReport.com: Free credit reports and credit scores from Experian. Get your free credit report and credit score now. It's free, fast, and easy! |
| www.freecreditreport.com |
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| Compare over 300 credit cards, including 0% offers and balance transfers, and make a credit card application online... |
| www.moneysupermarket.com |
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| Ford Credit - Auto financing for Ford, Lincoln and Mercury cars ... |
| Ford Credit provides auto financing to finance a lease or purchase a car or truck through Ford, Lincoln or Mercury dealerships. |
| www.fordcredit.com |
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| The Credit Card Prank |
| In my lifetime, I have made nearly 15000 credit card transactions. ... Credit card signatures are a useless mechanism designed to make you feel safe, ... |
| www.zug.com |
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| Credit magazine, corporate bonds, derivatives, structured credit ... |
| Credit magazine provides information on the international credit markets for credit investors, issuers and market professionals. |
| www.creditmag.com |
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
| www.cuna.org |
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| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
| credit.about.com |
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