CBA
What best describes a Credit Builder Account (CBA)?
An installment loan paired with a Certificate of Deposit
Explanation: A CBA is a credit builder loan made up of an installment loan and a CD held by the bank.
How long can an SCC payout take after account closure?
Up to 30 days
Which Self product is considered unsecured?
Correct Answer: Self Plus Credit Card
Which payment method can take up to 5 business days to process?
ACH bank transfer
What payout method is typically the fastest for customers?
ACH
Which bank partners may hold a customer’s CBA?
Sunrise Bank, Lead Bank, First Century Bank
What secures the Self Visa® Secured Credit Card?
Funds from the customer’s Credit Builder Account
How do customers become eligible to apply for the Self Plus Credit Card?
By receiving an invitation after pre-approval
Which payment method is processed instantly and requires scanning a barcode at a retailer?
Cash
How long can a CBA payout take to be received?
Up to 3 weeks
What credit bureaus receive payment history reporting for a CBA?
Experian, Equifax, and TransUnion
What is the minimum amount used from a CBA to secure an SCC?
$100
What payout method applies to UCC negative balance payouts?
Check only
Which payment method includes an expedited payment fee?
Debit card
Which account type allows customers to update their payout preference on their own?
Credit Builder Account (CBA)
Which portion of a customer’s FICO score is most impacted by CBA payments?
Payment history
Who can update payout preferences for an SCC?
Agents
What makes the UCC different from the SCC at application time?
No security deposit
Cash payments are currently NOT available for which product?
Credit Cards
For which account type can ONLY an agent update the payout preference?
SCC
What happens to the Certificate of Deposit (CD) if the customer completes all CBA payments?
It matures and the funds are released to the customer
What product requires income information during the application process?
SCC / UCC
Which product should agents clearly position as NOT a loan?
Self Cash
Which payment method can be linked through Plaid?
ACH bank account
When does the system automatically update a customer’s payout preference?
After the first successful payment from a new ACH account