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Consumer Credit Act 1974

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Status:

Point in time view as at 09/02/2011. This version of this provision has been superseded. Help about Status

Changes to legislation:

Consumer Credit Act 1974, Section 55B is up to date with all changes known to be in force on or before 25 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

[F155BAssessment of creditworthinessU.K.

(1)Before making a regulated consumer credit agreement, other than an excluded agreement, the creditor must undertake an assessment of the creditworthiness of the debtor.

(2)Before significantly increasing—

(a)the amount of credit to be provided under a regulated consumer credit agreement, other than an excluded agreement, or

(b)a credit limit for running-account credit under a regulated consumer credit agreement, other than an excluded agreement,

the creditor must undertake an assessment of the debtor's creditworthiness.

(3)A creditworthiness assessment must be based on sufficient information obtained from—

(a)the debtor, where appropriate, and

(b)a credit reference agency, where necessary.

(4)For the purposes of this section an agreement is an excluded agreement if it is—

(a)an agreement secured on land, or

(b)an agreement under which a person takes an article in pawn.]

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