SI 281 2010
EUROPEAN COMMUNITIES (CONSUMER CREDIT AGREEMENTS)
REGULATIONS 2010
Obligation to assess creditworthiness of consumers
11. (1) Before concluding a credit agreement with a consumer, a creditor
shall assess the consumer’s creditworthiness on the basis of sufficient information,
where appropriate obtained from the consumer and, where necessary,
on the basis of a consultation of the relevant database.
This above applies to all lenders lending over €200 and < €75,000 and applies to CU.
QUESTIONS:
(a) where does it say MUST or SHALL on getting documents from consumer;
(b) where does it say MUST or SHALL conduct a Credit Search
(c) Why do most Credit Unions demand:
- 3 pay slips
- your credit card statements
- your bank statements
- your mortgage statements
(d) Do you think the ole Central Bank could be trying it?
(e) Or is those awful opinionated Compliance peddlers?