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CRA full word and and example of a 3rd party company they work with?
Credit Reference Agency,
Clearscore
what is Signposting?
Sending the customer to the relevant department/3rd party company to assist them further
4 drivers for vulnerability
Capabilities
Resilience
Life events
Health
what is credit limit
the maximum available amount a customer has to spend
What is a Balance Transfer
Clearing the balance of one credit card using another credit card
what is the charge for cash withdrawals?
£3 or 3%, which ever is greatest
how much is the overlimit charge?
£12
how much is late payment charge?
£12
Two types of Overdraft?
Arranged and Unarranged
TED?
Tell me
Describe to me
Explain to me
difference between implicit and explicit triggers?
explicit= what the customer tells you
implicit= what customer mentions/how a customer says something
what is credit?
ability to borrow money or access goods and services with the understanding that youll pay later
what is credit score?
Numerical indication of how well the customer is currently managing their finances and how well theyve managed it in the past
Credit Report?
information on a customers financial behaviour in the last 6 years
full word for DRO?
Debt Relief Order
types of cards we offer
Credit builder card and Low and Grow cards
Difference between APR and Interest
Interest is the cost of borrowing money, and is charged daily, however, APR is the amount charged for borrowing money over a year and includes Charges and fees
why do people take out credit?
To spread the cost of big purchase, To improve my credit score, To earn cashback and rewards, To access money I don't have upfront, For emergencies, To get protection on purchases, To help manage debts, For travelling overseas
full word for IVA?
Individual Voluntary Arangement
why would one make use of a BT?
to clear their balance on a credit card without having to pay interest
6 Great communication Tools
Listen Carefully
Share the problem
Be respectful
Understand their priorities
Beginwith a positive statemnt
SMILE bru
5 Behaviours to build rapport
Empathy
Trust
Authority/Authenticity
Rapport
Reassurance
13 Things found on credit file
Overdraft
Aliases
Credit/store cards
Mobile phone contract
Mortgage
Financial Associates
Payment History
Previous searches/ Enquiries
Credit Score
Electoral roll
Total credit available
Balance History
Public record information
what is base rates?
Rate of interest set by the central bank, and which is lowest rate at which it lends money to other banks. This rate affects the interest rates which are charged to customers by banks
when do you use TEXAS and give the full word
When a customer makes a sensitive disclosure/vulnerable disclosure
T- Thank the customer for the infor
E- Explain to the customer that info is used internally or by one of our approved suppliers
X- explicit consent
A- ask questions
S- signpost