Consumer credit

credit card

Trading Standards enforce the Consumer Credit Act 1974 which regulates the provision of the consumer credit.

Most people will enter a credit agreement at some time. It is worth considering a number of points first:

  • What will be the total cost of the loan?
  • Who is offering the best deal?
  • What is the APR?
  • What are the monthly payments?
  • How long will you be paying?
  • Do not sign an agreement unless you understand all the terms and want to be bound by them

If you are refused credit you are entitled to know the name and address of any credit reference agency that was contacted about you. You are also entitled to see the information held about you and correct any inaccuracies.

Details of how to go about this are contained in the leaflet No Credit which can be obtained from Trading Standards.

If you are a business offering consumer credit, hire, credit brokerage, debt adjusting, debt counselling, debt collecting, credit reference agency or canvassing off trade premises then you require a Consumer Credit Licence. Licences are issued by the Office of Fair Trading. Further information can be obtained through the Office of Fair Trading website which can be found under External Links.

There are also rules concerning, amongst other things, the form and content of credit advertisement, documentation, types of agreements.

For advice on how to comply with these requirements please contact our Trading Standards Service.

Contact Information

Trading Standards Service
Civic Centre South
John Dickie Street
Kilmarnock
KA1 1HW
Telephone: 01563 576602
rating button