Make Companies not regulated by the Consumer Credit Act send Default notices

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Petition Action

Make Companies not regulated by the Consumer Credit Act send Default notices

Petition Details

Companies that are not regulated by the consumer Credit Act are able to report 'defaults' to credit reference agencies without any prior notice to the customer. 'defaults' remain on a credit file for 6 years often without the customer knowing, severely damaging ability to obtain credit.

Additional Information

Companies that are regulated by consumer Credit Act are required to send a Default Notice, giving the customer the opportunity to resolve the problem before sharing Default data with credit reference agencies.

Companies not regulated by the consumer Credit Act such as mobile phone providers, internet providers are not required to send default notices before reporting defaults to credit reference agencies.

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