Your Money Marketplace

Consumer Credit Act

Posted on 08. Feb, 2010 by emilythomas in Daily Finance Definitions

The Consumer Credit Act (CCA) establishes rules for credit providers and gives details about the rights of those applying for credit. For example, if you’re applying for credit and are rejected, you have the right to be told the names and addresses of any credit reference agencies with which the credit provider made an enquiry about you. Please also note that under the law, credit providers do not have to tell you the exact reason why they turn you down, but they must give you some indication.

The CCA was created in 1974 and additional legislation was passed in 2006. Visit Your Money Marketplace to find out more about your rights and what else this legislation impacts.