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01 July 2014

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Do you need a consumer credit licence

As a credit reference agency we at creditserve often speak to companies who are totally unaware that they are trading without a consumer credit licence when in fact their business activities dictates that they should in fact have a consumer credit licence.


If your business sells goods or services on credit, offers goods for hire or provides debt counselling or debt adjusting services to consumers, you are almost certainly need to be licensed by the OFT.


Engaging in licensable credit activities without a credit licence is a criminal offence, and can result in a fine and/or imprisonment. Businesses cannot normally legally enforce a credit agreement if they are not licensed.


Whether you need a credit licence, and categories of activity that your licence covers, will depend on what your business does. The category that twends to affect most of our clients and in turn means that they should have a licence is the following category:-


Allowing your customers time to paty for the goods and/or services that they buy for you (including hire purchase).


If you are still unsure whether have an existing consumer credit licence or whether in fact you are trading without a consumer credit licence please contact Chris York or Laura Ferrie at Creditserve on 01992 414222 or email ornm if you are interested in any of our other credit services please visit our website


You can also purchase goods and services through our Online Shop


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Creditserve Business Information Ltd is registered by the Financial Conduct Authority under registration number 626460.
Authorisation can be checked on the consumer credit register at