REPRISE
a summary of an individual’s personal information, credit history, including credit accounts, payment history, and public records. Providing a snapshot of their creditworthiness.
Credit Report
a vehicle as collateral to secure the loan that can be repossessed if the customer doesn’t pay.
Auto Loans
Represents the total cost of borrowing money, expressed as a yearly interest rate.
APR
The amount of money you borrow from your bank or lender
Principal
What are the three examples of marketing strategies
This considers how long your credit accounts have been active. A longer history is generally better, as it provides more data on your borrowing habits.
Length of Credit History
These occur when you check your own credit, or when a lender checks your credit for promotional purposes or background checks. Soft inquiries do not affect your credit score.
SOFT Inquires
These occur when you apply for a loan, credit card, or mortgage, and the lender reviews your credit report as part of their decision-making process. Hard inquiries can slightly lower your credit score, typically by a few points.
Hard Inquiries
2 Types of products:
ØRevolving Credit
ØSimple Interest Loans
Generally the best fit for the Customer and Reprise. Customers can borrow more at a lower interest rate, and because we hold title to the vehicle, they have much lower credit risk.
Secured Loans
Named Reprise Financial was officially rebranded when?
2022
The duration over which the loan is to be repaid.
Loan Term
Found at the top of the credit report, we can find the Consumer Information Summary.What are those?
ØName and Previous Names
ØSSN and DOB
ØAddress
This is the most significant factor. It reflects whether you pay your bills on time. Late payments, defaults, and bankruptcies negatively impact this aspect.
Payment History
As a company, we get new customer relationships a variety of ways: What are those 3 website's we partnered with to get more customers?
Lending Tree, Kredit karma, Experian
Green flags found on credit bureaus typically indicate positive credit behavior and responsible financial management. Some common Green flags include:
On-Time Payments
Low Credit Utilization
Long Credit History
Diverse Credit Mix
Limited Hard Inquiries
Positive Account Status
No Recent Bankruptcies or Collections
Credit card companies make money in a few ways.
Merchant Fees
Fees From Customers
Compound Interests
used to buy or take equity out of a home (home equity loans). Secured by the home, if not paid, lender can foreclose and take the home.
Mortgages
The cost of borrowing, or amount you are charged for borrowing, which can be fixed or variable.
Interest Rate
a type of loan or credit account where the borrower agrees to repay the borrowed amount in fixed payments over a specified period.
simple interest or installment account