Guidance

Home Credit Market Investigation Orders

These orders require price transparency, provide for better early termination loan terms and enable customers to access other forms of loan.

Documents

Home Credit Market Investigation Order 2007

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Explanatory note

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Home Credit Market Investigation Order 2007 Variation Order 2011

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Details

These orders were made under the market investigations provisions of the Enterprise Act 2002. They require:

  • large lenders to share their customers’ data with at least 2 of the 3 main credit reference agencies (Experian, CallCredit and Equifax)

  • all lenders to record details of all but their smallest loan products on www.lenderscompared.org.uk and advertise the site on their paying-in books

  • all lenders to offer better early repayment terms and annual statements to their customers

The orders also enable credit union loans to appear on www.lenderscompared.org.uk.

Guidance explaining the rights and obligations created by the home credit lending orders is also available. The guidance is aimed at lenders, but consumers may also find it useful.

Published 13 September 2007