Row 1
Who is the FCA and what do they do?
Financial Conduct Authority, they are our regulators
what is RCA?
Root Cause Analysis
who is our target market?
Sub Prime/ Underserved
True or False?
Eletoral roll is not on your credit file
What does CRA stand for and give 3?
Credit Reference Agency
Equifax
Experian
Transunion
What is a DSAR and what is the SLA on Customer requests?
Data Subject Access Request
30 days
Adjudicator
What is the amount charged for Cash Withdrawals?
£3 or 3%, whichever is greatest
What is the charge for Overlimit and Late fees?
£12
How long does a default stay on your credit file?
6 Years
When doing Texas with a 3rd Party, what does the E stand for?
We do CARERS with 3rd Party
What is the name of the letter that we send the customer if we havent resolved their complaint after 4 weeks?
4 week holding letter
What is Credit?
Ability to borrow money or access goods and services with the understaning you will pay later
What is a Credit Score?
Numerical Indication of how well the customer has been managing their finances, updated every 30 days
What is a Credit Report?
Information on a customers financial behaviour in the last six years. this gives lenders a summary of all credit accounts and how theyve managed their finances
4 Reasons why customers take out credit
Spread the cost of a big purchase
For protection on purchases
For cashback ad rewards
For emergencies
Manage other debts
Improve credit score
Access to Money you dont have upfront
Travelling overseas
Give three examples of reasonable adjustments
Braille statement
Audio Statements
Coloured overlays
POA/Auth User
Large Print Statements
Why do we advise customer to keep 10% of their credit limit in their available credit?
So that the customer doesnt go overlimit when interest is added when the statement generates
What is a balance transfer?
To transfer the balance of one credit card onto another
How long do we have to resolve a query and do we include FOS in our resolution?
21 Days, No we do not include FOS rights
Name 5 rights of the customer under GDPR?
Right t Access
Right to be informed
Right to object
Right to be forgotten
Rights related to automated decision making
Right to data portability
Right to rectification
Right to restrict processing
what is interest?
A monetary charge for the privelage of borrowing money, respresented as a percentage
What is APR?
Annual Percentage Rate,
cost of borrowing money over a year on credit or loan plus any charges like annual fee
5 things a customer can do on the Vanquis App?
Cus can report card lost or stolen
Register a new debit card
Setup direct debits & CPA's
Check last 6 month statement history
Manage personal details
Request Balance Transfer/Money Transfer
Complete I&E for CLI if eligible Manage Statement preferences
5 benefits of complaints for the customer
Feel Valued
Appreciated
Better User Exeperience
Improved Customer Journey
Education opportunities
Builds trust with the company