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Consumer and Real Estate Lending Chapter 5+ 6 - Coggle Diagram
Consumer and Real Estate Lending
Chapter 5+ 6
Types of Consumer Loan
Installment Loans
Direct
Indirect
Credit Cards and Other Revolving Credit
Overdraft Protection and Open Credit Lines
Open Credit Lines
Evaluate Consumer Loan Applications
3 fundamental C’s of lending
Capacity to pay
Collateral
Character
7 steps assessment of personal loans
Credit Scoring Consumer Loan Application
The credit scoring system has advantages over the traditional 3 C’s assessment approach
Consumers can apply and receive the application result over the Internet within a short time frame
Legal Aspects of Consumer Credit
The Code of Banking Practice
Trade practices legislation
The Uniform Consumer Credit Code
The Australian Securities and Investments Commission
Fair Credit Reporting Act
Experian
Trans union
Equifax
Privacy legislation
Truth In Lending
Equal Credit Opportunity