Loans: OFT closes 19 lead generation websites

By Sarah Engle, Fri 8 Apr 2011 - Published in Loans

The Office of Fair Trading (OFT) has announced the closure of 19 unlicensed lead generation websites, which source loan and credit information for people and sell their details on.

Lead generation companies generally target people with limited access to credit, including those in the military and people with disabilities.

An OFT investigation found that the 19 websites were unlicensed and in breach of the Consumer Credit Act.

David Fisher, director of consumer credit at the OFT, said: "Websites like the ones we have shut down target vulnerable people and those who may not have easy access to credit.

"We advise consumers to think carefully before entering personal data into any lead generation website, in case this information is passed on without their knowledge."

Recently, the OFT announced a consultation on reforms to the proposed merger between itself with the Competition Commission to form the Competition and Markets Authority.

Philip Collins, chairman of the OFT said that the partnership would create an efficient and competitive market to help grow the economy.

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