Q: I am a guarantor of a corporate loan applied for by a company to a bank. Does that corporate loan fall within the definition of "consumer credit" so that the bank can access my credit report? Is there any difference between an unsecured or secured loan when the bank decides to access my credit report as aforesaid?
A: The definition of "consumer credit" as provided in Clause 1.7 of the Code does not draw any distinction on the nature of loans or facilities that the credit provider provides nor the purpose of its provision. It only makes reference to the user of the facilities, i.e. an individual for his own use or for the use of "another person" for whom an individual acts as guarantor. Since the term "person" includes not only natural person but also legal person, such as a limited company, a corporate loan guaranteed by an individual therefore falls within the definition of "consumer credit" under the Code.