No change in marketing of credit after tightening of rules

credit card Strip Club Payment cardPayment cards. Photo: pixabay.com

The Consumer Ombudsman hasn’t notice any signs that the marketing of consumer loans has declined after the government tightened the rules.

 

Just over two months after the rules were tightened, the Consumer Ombudsman has carried out oversight action.

‘We’d hoped more lenders would follow the rules, but that isn’t the case. We also see no signs that the volume, or pressure in the credit market has been muted,’ said Consumer Ombudsman, Elisabeth Lier Haugseth.

149 adverts, and many eposts, and messages advertising credit card loans were reviewed by the audit. This resultedin 18 loan providers being asked to change their marketing.

‘The most common mistakes have been that there is no statutory information about the effective interest rate, and total price, stated in the marketing, or that such information is difficult to find. For example, specific numbers are written in small print, or not mentioned at all in commercials on the radio’, wrote the Consumer Ombudsman.

After June the 1st, it wasn’t permitted to emphasise how easy it is to apply for a credit loan, how quickly an application could be answered, or how quickly a loan could be granted. The new rules also stated that borrowing costs must be clear.

 

©  NTB Scanpix / Norway Today

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