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.

From:
Competition and Markets Authority
Published
13 September 2007
Last updated
20 November 2024 — See all updates

Documents

Home Credit Market Investigation Order 2007 Variation Order 2024

PDF, 136 KB, 6 pages

Home Credit Market Investigation Order 2007

PDF, 340 KB, 28 pages

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Explanatory note

PDF, 236 KB, 25 pages

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Home Credit Market Investigation Order 2007 Variation Order 2011

PDF, 36.7 KB, 6 pages

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Approval of accredited operator: Home Credit

PDF, 112 KB, 1 page

Details

Order varied

20 November 2024: The CMA has varied the Home Credit Market Investigation Order 2007 following a formal remedy review process.

Notice of suspension

16 January 2024: The CMA has today published a Notice of Suspension of Part 3, Article 29, and Part 1 of Schedule 4 of the Home Credit Market Investigation Order 2007 pending the outcome of an Invitation to Comment concerning a potential review of those parts of the Home Credit Market Investigation Order 2007.

Order description

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.

Updates to this page

Published 13 September 2007
Last updated 20 November 2024 + show all updates

  1. Variation Order published.

  2. Notice regarding accredited operator of website published.

  3. First published.

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