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Name 3 CRA's
Equifax
TransUnion
Experian
How often is Credit Score updated?
30 Days bru
True or False?
Balance Transfer is when we transfer the balance of one debit card to another debit card.
FALSE
How long does Default stay on credit file?
6 years
What is a Money Transfer?
Transfer of funds from Credit card to Debit card
What is Credit?
The ability to borrow money or access goods or services with the understanding that you will pay later
Credit Score?
Numerical indication of how well a customer is managing their finances in the past
What is Disposable Income?
Income left after all expenses go out
Halifax, Lloydds, Santander, Barclays, HSBC, Natwest, Royal Bank of Scotland, etc
What is Interest?
A fee that the lender charges for borrowing the money
Full word for IVA
Individual Voluntary Arrangement
4 drivers of Vulnerability
Life events
Capabilities
Health
Resilience
What average amount does UK customers spend on Council Tax?
£120
True or False?
Vanquis is a mainstream bank
FALSE
What is Implicit Trigger of Vulnerability?
How the customer mentions something (beating around the bush)
True or False?
Empathy is taking on the customers emotions
FALSE, empathy refers to putting yourself in the customers shoes but without taking on their emotions
3 Red Flags indicating suspicious activity?
1. Transactions dont align with customers known income
2. Regular attempts to place the account into credit
3. Regular payments from third parties not linked to the customer
4. The use of multiple payment methods ( attempting to place account into Credit)
what does tipping off mean?
Mention “financial crime or money laundering” to any customer for any reason Inform the customer of the presence of any financial crime blocks or notes on their account. Suggest that we are investigating or looking at a customer’s account for the purposes of or due to concerns with money laundering. Inform the customer that you are suspicious and will be submitting a report.
6 Good communication tools
Listening
Share the problem
Respectful
Understand Priorities
Begin with positive statement
SMILE
Full word for CRA
Credit Reference Agency
How long does Bankruptcy stay on your credit file?
10 years
Explain 10% buffer
Advise customer to keep 10% of their available credit in the account to prevent the account going overlimit when interest is added on the day the statement generates?
What is your Minimum monthly payment based on?
TEXAS
T-Thank you for providing us with the info
E-Explain that info is used internally or by one of our approved suppliers who are assisting in management of your account
X- Explicit consent
A- Ask questions to get better situational understanding
S- Signpost
4 behaviours to build good rapport
Empathy
Trust
Reassurance
Authority