Consumer Credit Act
Legislation (notably in UK) governing consumer credit agreements and protections.
Detailed Description
Consumer Credit Act
What is the main goal of the Consumer Credit Act?
The main goal is to protect consumers from unfair lending practices and to promote transparency in credit transactions.
What types of financial products does the Consumer Credit Act cover?
It covers personal loans, credit cards, hire purchase agreements, and other forms of consumer credit.
What rights do consumers have under the Consumer Credit Act?
Consumers have the right to clear information about credit terms, to withdraw from agreements within a cooling-off period, and to complain about unfair treatment.
Who is responsible for enforcing the Consumer Credit Act?
The Financial Conduct Authority (FCA) is primarily responsible for enforcing the Act and ensuring compliance among lenders.
What impact does the Consumer Credit Act have on the real estate market?
It helps ensure fair treatment in mortgage lending and influences the availability of credit, contributing to a stable real estate market.