Changes to the Consumer Credit Act 1974
The Office of Fair Trading (OFT) introduced the remaining reforms to the Consumer Credit Act 1974 on 1 October 2008 (earlier reforms were introduced on 6 April 2008). This includes introducing new categories of licensable activity.
In summary, the new categories of activity are; Category G – Debt Administration, which applies to those who administer agreements (but do not collect debts) on behalf of creditors or assignees and; Category H – Credit Information Services (which includes credit repair), which applies to businesses that help individuals to locate and correct records about their financial standing held by credit reference agencies and others in the credit and hire industries. Details can be found on the OFT website.