In business and law, a credit broker is a company or individual that deals in brokerage of consumer credit. Essentially a credit broker links somebody looking for consumer credit, a debtor, with a company or individual willing to provide it, a creditor, normally for a commission. Credit brokers include mortgage brokers and loan brokers. The commission normally comes from the individual or institution offering credit, and the broker is therefore not entirely objective. Some credit brokers also levy a separate charge on the person looking for credit, without the knowledge of the offering institution.[1]
In British law, credit brokers are covered by the Consumer Credit Act 1974 and the Consumer Credit Act 2006, which defines a credit broker not just as a mortgage or loan broker, but also as a vast range of other intermediary bodies such as car dealers, shops that introduce customers to financial houses for hire-purchase agreements and solicitors who negotiate advances for non-corporate clients. Under the 1974 Act, such businesses require licenses from the Office of Fair Trading.[2] If the business is unlicensed, any agreements made are considered "tainted". In this situation, agreements are only enforceable with a direct order from the Director General of Fair Trading. In addition, the unlicensed trader also commits a criminal offence.[3] This only comes into effect if enforcement is sought through the courts, however; it has been pointed out that agreements can still run their course regardless of the status of the broker.[4] In certain situations under the 2006 Act, credit brokers become agents of the creditor.[5]
business and law, a creditbroker is a company or individual that deals in brokerage of consumer credit. Essentially a creditbroker links somebody looking...
seeking. Mortgage brokers in Canada are paid by the lender and do not charge fees for good credit applications. In the US, many mortgage brokers are regulated...
but, in many ways, functioned as a continuation of ideas and concepts of credit and lending that had their roots in the ancient world. In the history of...
commission, markup, or fee. In most countries they are regulated as a broker or broker-dealer and may need to hold a relevant license and may be a member...
are also sometimes termed information brokers. Credit scores were first used in the 1950s, and information brokering emerged as a career for individuals...
exchange for a commission. Under the Act, "creditbroker" includes not only mortgage brokers and loan brokers but also car dealers, shops that introduce...
promotional offers and credit offers utilize lists purchased through list brokers. Common associations to which list brokers belong are the American...
brokerage services, as numerous brokers and banks restructured, and customers, worried about their credit risk to their prime brokers, sought to diversify their...
include credit union, bank, savings and loan association, trust company, building society, brokerage firm, payment processor, many types of broker, and some...
The Power Broker: Robert Moses and the Fall of New York is a 1974 biography of Robert Moses by Robert Caro. The book focuses on the creation and use of...
representative and creditbroker. However, with the sale of the Bank of Ireland's UK assets to Jaja Finance in 2019, Post Office branded Credit Cards are now...
Rice brokers, which rose to power and significance in Osaka and Edo in the Edo period (1603-1867) of Japanese history, were the forerunners to Japan's...
into Credit Suisse's dealings surrounding 1MDB". In 2019 FINMA issued a complaint to Credit Suisse. Between 2012 and 2016, Credit Suisse brokered US$1...
carbon credits. These "tokens" are then used to account for net climate benefits from one entity to another. A carbon credit or offset credit can be bought...
of credit to financial institutions. During this period the use of financial brokers between borrowers and lenders increased as mortgage brokers entered...
The Sending Broker contacts another hawala agent, the Receiving Broker, located in the Recipient's area. They inform the Receiving Broker about the money...
television and radio reporter, media personality, and current real estate broker for the Douglas Elliman real estate company in New York. Born in New York...
Global Commercial Credit LLC is an American trade credit and political risk insurance broker. Global Commercial Credit was founded on March 1, 1996 by...
The lender will typically be a financial institution, such as a bank, credit union or building society, depending on the country concerned, and the loan...
Swiss bank UBS Group AG agreed to buy Credit Suisse for CHF 3 billion (US$3.2 billion) in an all-stock deal brokered by the government of Switzerland and...
providers, credit rating agencies and SEBI-registered brokers. Consumers can also directly access their credit scores from CRIF High Mark. It records repayment...
personal property used as collateral. The items having been pawned to the broker are themselves called pledges or pawns, or simply the collateral. While...
Global Information