c - Consumer Credit Act
Consumer Credit Act 2006 - The Consumer Credit Act 2006 updated the previous Consumer Credit Act 1974, and is intended to protect consumers and create a fairer, more competitive credit market.
It does this in three main ways. First, it enhances consumer rights by empowering consumers to challenge unfair lending, and through more effective options for resolving disputes.
Second, it improves the regulation of consumer credit businesses.
Finally, it makes regulation more appropriate for different types of consumer credit transaction by creating a fairer environment for businesses to operate in, and also bu extending protection to all consumer credit.
The key parts of the Consumer Credit Act 1974 are still effective, too. It requires most businesses which lend money or offer goods or services paid for by credit to be licensed by the Director General of Fair Trading.
The act also applies to brokers and those who offer credit or lend money directly to the public. Those who hire out goods, run a credit agency, collect debts or provide debt counselling are also bound by it.
You can check if a company you are dealing with is registered on the Consumer Credit Public Register, run by the Office of Fair Trading, by calling 020 7211 8000. You can find out more about the Consumer Credit Act at www.oft.gov.uk, or at www.dti.gov.uk.