Third Party Handling
What procedure would advise us with the steps needed to add an ATP?
What is Third Party Handling PLS/LRS (ACQ): DPL Procedure? Authorized Third Party Permission Section, Steps 1-3.
What do we need to say if the PA requests us to change the loan amount after terms are communicated? And what procedure did you find your answer?
What is changing the loan amount once terms of the loan are communicated can impact terms and could result in a FINAL decline decision.
Offering Rates and Terms PLS (ACQ): DPL Job Aid
Henry was doing an application and expressed dissatisfaction with their current credit card interest rates and stated they felt insulted by a previous representative. Should this be tracked, if so is it UDAAP/Discrimination/Complaint?
What is yes, it should be tracked as a complaint. We should always recognize these statements and track them.
Complaint Enterprise Procedure
When a negative list RR fires when is it ok to hit the manual fraud button? Which procedure did you find your answer?
What is after figuring out which information on the application triggered the Negative List Fraud RR and verifying the information with customer and the information does NOT need to be updated hit manual fraud checkbox.
Negative List Fraud Review (Multiple Triggers) RR (ACQ): DPL Procedure
Can we accept mhmm as an affirmative response to any disclosure? Where did you find your answer?
What is NO, mhmm is not an affirmative response to a disclosure.
Automatic Payments Offer Flow PLS (ACQ): DPL Talking Points (Provides a list of approved affirmative responses)
What do we need to ask the applicant to gain permission to speak to an ATP?
What is the full name of the ATP, duration of permission (life of loan, loan application process, phone call only), and advise all parties on the phone that this call may be monitored and recorded. And make sure that it is memo'd.
PA states they want to use the loan to pay off their Discover CC, what do we need to do to? What procedure did you find your answer?
What is there are limitations on our ability to directly pay any Capital One account (including any Discover or Capital One card) with a Discover Personal Loan. We can send the funds directly to you for your own management. OR This loan is intended for personal use and cannot be used to directly pay any Capital One account (including any Discover or Capital One card), secured loan, or post-secondary education loan or expense.
Disclosures and Language Handling PLS/LRS (ACQ): DPL Talking Points
Beth was frustrated as she was having a hard time trying to do OTP online. She expressed to the agent on the phone that frustrating is not an accurate description of the situation, and that our wording online that she could be approved in minutes is misleading. Should this be tracked, if so, is it UDAAP/Discrimination/Complaint?
What is this should be tracked as UDAAP, the customer advised this was misleading and frustrating.
Complaint Enterprise Procedure
Can an applicant request a loan term increase or decrease anytime during the application process? What procedure did you find your answer? And are there any specific things we need to say or do?
What is yes, applicants may request a loan term increase or decrease at any time during application process. When changes are made to the term, all offers will need to be presented in full (term, amount if applicable, APR, and payment).
Offering Rates and Terms PLS (ACQ): DPL Job Aid
Can we payoff a PA's 401k loan for them using debt consolidation as the 50% directly?
What is no we cannot directly payoff a 401k loan, we would have to deposit the funds into their bank account for their management.
What are the key things we have to advise the PA of in regards to ATP?
What is when asked the ATP must verify: ATP's full name, Applicant's full name, Applicant's full DOB or last 4 of SSN. ATP may hear the details of the offer, however only the applicant can accept the offer and agree to the final terms of the loan. Applicant will need to be available to receive and accept most disclosures.
When getting an LTPRS error and the PA has confirmed SSN, what do we need to advise them if there has been changes with their Discover CC lately? Where did you find your answer?
What is advise the applicant to call back and reapply after 90 days from the application start date to allow for processing time to occur for accurate data. And we would cancel the application.
Negative/Invalid LTPRS (Multiple Triggers) RR PLS (ACQ): DPL Procedure
The customer expressed dissatisfaction with the fact that the APR was higher than their current one and said it was terrible since their credit was at a 800. Later the customer mentioned again that they couldn't believe how terribly high the APR was. Should this be tracked, if so is it UDAAP/Discrimination/Complaint?
What is this should be submitted as a complaint on behalf of the customer since they were not happy with how high the APR was even though they accepted the loan.
Complaint Enterprise Procedure
Do we have to provide all offer's as estimates? And when providing the offer what do we need to make sure we include? Which procedure did you find this in?
What is all APR and payment details must be communicated as estimates. Agents can use a general statement prior to the offer, prefacing that all APR and payments discussed today will be estimates, to avoid have to say it for every offer. Include term, amount, estimated APR, and estimated payment.
Flexible Offer Strategy PLS (ACQ): DPL Procedure
Offer, Pricing, and TILA PLS (ACQ): DPL Talking Points
Benefit Based Responses and Applicant Objection Handling PLS (ACQ): DPL Job Aid
Offering Rates and Terms PLS (ACQ): DPL Job Aid
Can we use IRA as an acceptable source of income for applying for a loan even if it's not the main source of income? Which procedure did you find this information?
What is no IRA is not an acceptable source of income for applying for a loan.
Income Handling and Verification PLS/LRS (ACQ): DPL Procedure
What is an ATP allowed to do on an account?
What is update disbursements, fill out Short/Medium form, receive the Income disclosure (exception), agree to Manual Payment, withdraw Loan, verification and documents.
If a person calls in and doesn't speak English, what do we need to advise them? Also, if they want to use a translator what do we advise them? Where did you find your answer?
What is We appreciate your interest in a Personal Loan, unfortunately we are unable to accept applications by phone in any other language besides English.
The use of translation apps is not allowed.
Disclosures and Language Handling PLS/LRS (ACQ): DPL Talking Points
Third Party Handling PLS/LRS (ACQ): DPL Procedure
Peter was on the phone with an agent and got informed of all of the documentation needed for verification. Peter states "It seems like I always have trouble with this kind of stuff because of my age, it seems like it's always a great factor so do you think that will be an issue for you guys too?" Should this be tracked, if so is it UDAAP/Discrimination/Complaint?
What is yes, it should be tracked as potential discrimination since PA stated he seems to have trouble with this because of his age.
Complaint Enterprise Procedure
What is the reason that we track consumer/customer complaints? Where did you find this information?
What is it gives us a chance to identify a problem, improve the customer experience, find solutions that build better customer relationships.
Complaint Enterprise Procedure
If a PA calls in can we confirm we have an application if they are providing us with an incorrect first or last name on an application? Where did you find this information?
What is no, we can't confirm we have an application since they were unable to verify security information on the application.
Can an ATP agree or accept a live check?
What are no ATPs cannot agree to or accept live check on behalf of the applicant.
What do we say if a PA asks us if our interest is simple or compounded interest, and what the difference is? Where did you find your answer?
What is Simple interest is calculated each month by multiplying the amount of unpaid principal, the daily interest rate, and the number of days since the previous payment; unpaid interest is not added to the principal. When interest is compounded, unpaid interest is added to the principal and the following month’s interest charge is calculated on the unpaid principal plus the unpaid interest that was added in the previous period. We charge simple interest on Discover Personal loans.
Calculating Simple Interest, Daily Interest, and Amortization (ACQ, SER & RAD): DPL Job Aid
The customer calls in and is stating they saw the rate online and it was a 17.99% they wish they could get a lower rate. Should this be tracked, if so is it UDAAP/Discrimination/Complaint?
What is NO this would not be tracked as a complaint. If they had accompanied the statement with something else such as “I deserve a better rate as a longtime customer” or “this is disappointing as my last loan was a lower rate.” then we would track it.
Complaint Enterprise Procedure
When placing an outbound call and someone answers what are the steps we need to provide? Where did you find your answer?
What is we state Hello, This is _____ from Discover Personal loans, I wanted to let you know this call may be monitored and recorded. Ask for the first and last name of the individual you are speaking with. If it is the applicant verify one piece of applicant security DOB or last 4 of SSN. If Unathorized/Authorized TP answers leave a general message with them to have applicant call us back during business hours. (DO NOT State an APP exists)
Verification of Applicant PLS/LRS (ACQ): DPL Procedure
When obtaining PA's income can we just take the net income if they don't know the gross income? And what is the criteria for other household income to be used? What procedure did you find this is?
What is if applicant provides net income, request approximate gross income amount. Obtain Other Gross Income from other household member(s) (living at same address or receiving medical care) who shares a joint trade on any CBR.
Income Handling and Verification PLS/LRS (ACQ): DPL Procedure
Pre-qualification Short/Medium Form PLS (ACQ): DPL Procedure