• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Qeedle

Small Business Blog

  • Home
  • Technology
  • Marketing
  • Finance
  • Management
  • Politics
  • Sales
  • Write for Us

Other Laws to Bear in Mind for Credit Controllers

Whilst the law relating to consumer credit is complete in itself, containing all the legislative requirements within the Consumer Credit Act, a few other items of legislation are pertinent to consumer and trade credit in addition to its every day application.

Sex Discrimination

This Act outlaws any discrimination relating to gender. It applies to applications for credit in any form, including any mortgage  To discriminate between male and female irrespective of the applicant’s ability to meet the normal lending criteria of a finance house is deemed to be a breach of the Act. Infringing the covenant of the Act can lead to a claim for damages. The Act is administered by the Equal Opportunities Commission to which any infringement of rights should be reported.

Race Relations

Discrimination on the grounds of race is also forbidden when offering or granting credit, and an identical set of rules to those above are incorporated within the relevant race relations Acts. The Acts prohibit the use of discrimination by sex or race in either direct or indirect forms. Direct discrimination is where credit is generally available to all, but applications of a certain sex or race are asked to provide extra requirements, for example:

•             a guarantor
•             other form of security
•             a more substantial deposit than normal

Indirect discrimination occurs when a lender slants their requirements for granting credit in a way which prevents certain sections of the community acquiring credit, or it is offered to them on more restrictive terms. Again, firms which operate such policies leave themselves open to claims for compensation.

Data Protection Act

All firms which hold personal information on computer are affected by the Data Protection Act 1984. These businesses must register with the Data Protection Agency, and are committed to uphold the principles of the Act.

Personal Rights

Under the terms of the Data Protection Act members of the public have the right to obtain details of any information about them which is held on computer. In the event that information held is incorrect, they can have the matter redressed. A list of agencies which supply individuals with information held on computers concerning themselves can be found in the Useful Addresses section.

Employers’ References

Applying to employers for confirmation of employment for credit applications is restricted by the Act. Personal information held on computer in a personnel department cannot be divulged. Only verification that the applicant is employed, and length of service, will be forthcoming.

You might also like:

Tax Season Tips for Small Business Owners
With Tax Day on April 15th quickly approaching, ti...
Security for Till Fraud Detection
Fraud is a major cause for worry in many business ...
10 Types of Accountants Who Do More Than Just Taxes
Many people tend to equate being an accountant wit...
admin

Reader Interactions

Leave a Reply Cancel reply

Primary Sidebar

Recent Posts

  • Retaining Millennial Talent: 4 Tips for Small Businesses
  • Building Your Brand: 4 Essential Elements for Pet Businesses
  • How to Choose an Online Payment Processing Platform
  • 5 Dance Technology Solutions You Need for Your Modern Studio
  • 5 Ways for Small Businesses to Save Money on Translations
  • 10 Types of Accountants Who Do More Than Just Taxes
  • Diving Into The The Role Of Structured Data In SEO
  • Is a Web Accessibility Lawsuit Waiting for you Around the Corner? How to Avoid it?
  • What is the Difference Between a Coach and a Therapist
  • How To Make Youtube a Profitable Business
About - Contact - Privacy Policy - Qeedle UK

Cookies

This site uses cookies: Find out more.