Consumer Credit Act – Everything You Need to Know

What is Covered by the Consumer Credit Act?

The Act governs a wide variety of consumer credit activities and establishes numerous rights and duties for both borrowers and lenders.

1. Disclosure of Information  2. Credit Agreements  3. Consumer Protection  4. Cooling-off Period  5. Remedies for Breach  6. Regulated Activities

What is Consumer Credit Regulation?

The framework of regulations and legislation enacted by governments or regulatory bodies to oversee and control the issuance of credit to consumers is referred to as consumer credit regulation. Consumer credit regulation's major purpose is to protect consumers from unfair practises, ensure transparency and disclosure, and encourage responsible lending.

What is Consumer Credit Regulation?

Lending practises, advertising standards, transparency rules, interest rates, fees and charges, debt collection practises, and dispute resolution systems are all examples of consumer credit regulation.

Four Types of Consumer Credit

Consumer credit refers to numerous types of borrowing that people utilise to finance purchases or meet their financial requirements. The following are four categories of consumer credit:

1. Installment Credit  2. Revolving Credit  3. Open-End Credit  4. Service Credit

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