CONC 2.4 Credit references: conduct of business: lenders and owners
Application
This section applies:
- (1)
to a firm with respect to consumer credit lending; or
- (2)
to a firm with respect to consumer hiring.
Disclosure of name and address of credit reference agencies consulted
- (1)
Not later than the lender ("L") informs a credit broker that L is not willing to make a regulated credit agreement, L must, unless L informs the customer directly that L is not willing to make the agreement, inform the credit broker of the name and address (including an appropriate e-mail address) of any credit reference agency from which L has, during the negotiations relating to the proposed agreement, applied for information about the financial standing of the customer.
[Note: regulation 2 of SI 1977/330]
- (2)
Not later than the owner ("O") informs a credit broker that O is not willing to make a regulated consumer hire agreement, O must, unless O informs the customer directly that O is not willing to make the agreement, inform the credit broker of the name and address (including an appropriate e-mail address) of any credit reference agency from which O has, during the negotiations relating to the proposed agreement, applied for information about the financial standing of the customer.
[Note: regulation 2 of SI 1977/330]
Searching credit files
A firm undertaking a credit reference search should not leave evidence of an application on a credit file where a customer is not yet ready to apply. Where practicable, firms should facilitate customers shopping around for credit by offering a ‘quotation search’ facility.
[Note: paragraph 3.13 (box 2) of ILG]