Businesses requiring a licence and consequences of not being licensed
25Credit information services
1
In subsection (1) of section 145 of the 1974 Act (types of ancillary credit business) before paragraph (e) insert—
db
the provision of credit information services, or
2
Before subsection (8) of that section insert—
7B
A person provides credit information services if—
a
he takes any steps mentioned in subsection (7C) on behalf of an individual; or
b
he gives advice to an individual in relation to the taking of any such steps.
7C
Those steps are steps taken with a view—
a
to ascertaining whether a credit information agency (other than that person himself if he is one) holds information relevant to the financial standing of an individual;
b
to ascertaining the contents of such information held by such an agency;
c
to securing the correction of, the omission of anything from, or the making of any other kind of modification of, such information so held; or
d
to securing that such an agency which holds such information—
i
stops holding it; or
ii
does not provide it to another person.
7D
In subsection (7C) ‘credit information agency’ means—
a
a person carrying on a consumer credit business or a consumer hire business;
b
a person carrying on a business so far as it comprises or relates to credit brokerage, debt-adjusting, debt-counselling, debt-collecting, debt administration or the operation of a credit reference agency;
c
a person carrying on a business which would be a consumer credit business except that it comprises or relates to consumer credit agreements being, otherwise than by virtue of section 16(5)(a), exempt agreements; or
d
a person carrying on a business which would be a consumer hire business except that it comprises or relates to consumer hire agreements being, otherwise than by virtue of section 16(6), exempt agreements.
3
In section 151 of that Act (advertisements relating to ancillary credit businesses)—
a
in subsection (2) for “or” substitute “to” and after “liquidation of debts” insert “or to provide credit information services”;
b
in subsection (3) for “or debt-counselling” substitute “, debt-counselling or the provision of credit information services”;
c
in subsection (4) after “advertisement” insert “(other than one for credit information services)”.
4
In each of the following provisions of that Act for “or debt-counselling” substitute “, debt-counselling or the provision of credit information services”—
a
section 152(1) (application of sections 52 to 54 to ancillary credit businesses);
b
section 154 (prohibition of canvassing ancillary credit business off trade premises);
c
section 156 (regulations about agreements entered into for ancillary credit businesses).
5
In section 189(1) of that Act (definitions) after the definition of “credit brokerage” insert—
‘credit information services’ has the meaning given by section 145(7B).