BLOC 1
True or False-BLOC will report on your commercial credit report as a tradeline
TRUE-Business Line of Credit will show as a credit tradeline on your consumer credit report if the account becomes delinquent or is in default in accordance with the loan agreement
Which agencies does American Express report Business Line of Credit information to?
-Experian
-The Small Business Financial Exchange (SBFE), commercial reporting agency
What disclosure do we read a customer when they ask what the interest rate is?
Fee Disclosure
Can a customer use their business line of credit to pay a vendor directly?
yes
where do i send a customer who is having issues logging in to their bbp dashboard?
customer service
Will drawing on the line of credit help me build business credit?
I am unable to provide credit advice. We recommend that you consult a financial advisor for specific questions about building your business credit
Customer brings up a competitor's product and asks how Amex compares-Whats the best practice when discussing competitor products?
While I cannot speak to the specifics about [competitor product], I can tell you more about how our Business Line of Credit may help with your business needs
How long do you have to provide the call recording disclosure at the onset of the call?
30 seconds
How to answer the following customer question: Will drawing on the line of credit help me build business credit?
I am unable to provide credit advice. We recommend that you consult a financial advisor for specific questions about building your business credit
What are additional terms offered to select pre-approved customers
1,2, and 3 month terms
What are some factors that determine line size, pricing, and term options changes? How will i know if there's been a change in my line size?
We account for a variety of factors, these includes, but is not limited to:
credit worthiness and the financial condition of your business,
You will receive communication via email notifying you of the any change
Will there be any impact to PA customers personal or business credit score when they apply through a pre-approval?
There is no impact to your personal credit score, but there may be a potential impact to your business credit score when you apply for a pre-approved American Express Business Line of Credit.
When is it ok to release PII to a prospect?
Never-Always have the customer provide you the information, and you confirm/verify
How long does it take to receive funds into my bank account once i'm approved?
1-3 business days depending on your bank
What disclosure would you read if a customer asks, 'what are the repayment terms for the business line of credit?'
Fee Disclosure
Can American Express file a lien against my business related to Business Line of Credit?
We may at any time file a Uniform Commercial Code (UCC) financing statement, lien entry form or other document in accordance with the American Express® Business Line of Credit loan agreement (p.29)
True or False-telling a customer linking another bank account may result in a line increase, although a line increase is not guaranteed.
False-
NEW VERBIAGE: We account for a variety of factors when assigning line size, pricing, and term options. This includes, but is not limited to, your credit worthiness, the financial condition of your business, and other factors
▪ If your line of credit is updated, you will receive communication via email notifying you of the same
'What should i do to increase my line of credit if i'm not satisfied with the amount?'
We account for a variety of factors when assigning line size, pricing, and term options. This includes, but is not limited to, your credit worthiness, the financial condition of your business, and other factors
▪ If your line of credit is updated, you will receive communication via email notifying you of the same
Is BLOC a secure or unsecured loan?
unsecure-we ask borrowers to provide a personal guarantee.
Secure Loans require cx's to provide a form of collateral
what is the difference between a disclosure and a talk track
Disclosure needs to be read verbatim
Talk Tracks do not need to be verbatim, but needs to still provide all necessary information.
Can my Business Line of Credit change over time?
yes-
Your Business Line of Credit amount and your eligibility are subject to change based on you and your business’s creditworthiness, the financial condition of the business you are associated with, and other factors.
Lines of credit are subject to periodic review and may change or be suspended, accompanied with or without an account closure.
Can i use my spouses income under annual income if we file taxes together?
Read income disclosure:
Total Annual Income:
Include any income available to you. Income includes wages, retirement income, investments, or other persons income that is regularly accessible to you. If you are under 21, you must include only your personal income. You do not need to reveal alimony, child support, or separate maintenance if you do not wish to rely upon it. You have the option to disclose the portion of your income that is non-taxable, which means exempt from federal income tax. This may include social security, public
Non PA: Why do i need to link a bank account?
Linking a bank account helps us to understand the resources available to your business. We reserve the right to increase or to decrease your line of credit based on that information and other factors.
**We use the connection to your business bank account to determine your eligibility for credit. We ask that you connect your business bank account(s) online so we can assess your business performance information quickly and in an automated way, saving you the hassle of preparing financial statements.
When are loan fee's posted to my account? (You already read fee disclosure)
Fees will be posted to your account each month on the anniversary of when the loan was taken.
If a customer would like another example on pricing/fee structure (after reading approved example) or asks about specific amounts, what is an appropriate response?
Because line sizes, loan amounts, loan terms, and specific loan fees vary based on several factors other eligibility criteria, I can't discuss specific scenarios or examples.