Credit Agreement Practical Law
(p) the right to early repayment and, where applicable, information on the creditor`s right to compensation and how that compensation is determined in accordance with Article 16; 2. Description of the main characteristics of the credit product 1. Member States shall ensure that the creditor assesses, before the conclusion of the credit agreement, the creditworthiness of the consumer on the basis of sufficient information, possibly obtained from the consumer, and, where appropriate, on the basis of a consultation of the relevant database. Member States whose legislation requires creditors to assess the creditworthiness of consumers on the basis of a consultation of the relevant database may maintain this requirement. If the creditor does not know the cost of these services, it is not included in the annual effective rate. 2. . .