EC Knowledge
These debt classes are to be excluded from the 90% of Eligible Debt Enrolled rule.
What are...
Joint debts where the co-borrower doesn't authorize enrollment (or does not enroll as co-applicant), Collections, Student Loans, Payday Loans, High Interest Loans, Credit Unions, and Medical
"I'm just looking for a personal loan."
What is..."Great, I'll make a note of that on your file. We can submit an application and see what options are available. [Pivot back to Script]"
This is the correct action to take if a lead you have been working and would like to call is unexpectedly closed out, or you struggle to find it.
What is...
Reach out to your manager or BAS to have them open it back up.
The max term for someone with $72,000 of debt.
What is...
55 months
"I'm not ready to go through a process/I just have some questions."
What is..."Great! I'm happy to answer your questions, the best way for me to do that is to get your accounts and balances in front of me so I can be more specific. [Pivot back to Section 3]"
This is the most important thing to confirm while going through the GE.
What is...
Affordability
In this situation, a wage garnishment does not necessarily mean a tradeline is automatically ineligible.
What is...
If it is is not court order/the result of legal proceedings, and is instead client-imposed AND includes a clause that would allow the client to opt out of the garnishment.
"What are your rates? What's the rate of the loan?"
What is..."Once we submit your application, we'll review any fees or interest rates depending on the options your qualify for. Loans offered by our affiliate Above Lending have competitive rates. We can easily submit an application to see how we can help. [Pivot back to Script]"
A successful Tie Down includes the steps:
What is...
1. ALIGN with the Client
2. IDENTIFY their True Objection
3. ADDRESS and/or REDIRECT
4. ASSUME THE CLOSE
Files cannot consist of more than 50% of any ONE of the following debt types:
What is...
1. Medical
2. High Interest Rate Creditors (PayDay Loans)
3. Business Debt
"Why should I choose you over the competition?"
What is..."We are the industry leader and the biggest, which allows us to get you the best deals on the fastest timelines. We have thousands of employees all based int eh US and we've served over a million clients. [Pivot back to Script]"
If we send the EA and the client points out a spelling error or any other errors prior to completely signing, these are the correct steps to take:
Void the EA
Return to tradelines and quote section
Correct the errors
Save the quote again
Resend the EA
These are all acceptable documentations that would allow you to add a tradeline, in order of which should be attempted/obtained first.
What is...
1. Credit Report from Soft Pull
2/3. Statement and/or TILA
3/2. Credit Report from Hard Pull
4. Client Provided Credit Report
" I need a loan to help pay my (rent, auto, utilities, etc). Can you help me?"
What is..."I think we can help - we evaluate our clients for multiple options, which includes a loan. Let's see what you pre-qualify for."
How we should initially set up the deposit schedule for a client who is paid bi-weekly, with their next paycheck coming the following Friday (11 days from now, assume it's a Monday).
What is...
Bi-Weekly, but set the first deposit date 2-5 days out, with the second one occurring on the FOLLOWING paycheck, not the one next Friday, and continuing every 2 weeks from there.