If a business offers credit, lends money to consumers or allows customers time to pay for goods and services, it must be licensed with the Consumer Credit Licensing Bureau or the Office of Fair Trading under the Consumer Credit Act 1974.
The following types of businesses must be licensed with the Office of Fair Trading
Types of business requiring a licence
|Type of business||Type of credit licence needed|
|Non commercial debt adjusting
|Non-commercial debt counselling
|Provision of credit information services
|Provision of credit information services - excluding credit repair
|Provision of non-commercial credit information services
|Credit reference agency
|Canvassing of trade premises
The Office of Fair Trading holds a public record of all licensed traders and those who have applied for a licence. They can provide details to the public about licensed businesses, such as the types of activities they cover, their authorised trading names and main business activities.
Blackpool Trading Standards enforces the provisions of the Consumer Credit Act including dealing with businesses that offer credit without a licence.