Consumer lending is a cornerstone of the U.S economy. Customers need access to credit to purchase goods such as cars and services such as education. When goods and services are purchased, jobs are created and the economy grows.
This course will provide you with an introduction to consumer lending in the United States by discussing the history of consumer credit, different types of consumer loan and credit criteria.
This course includes an examination.
- Explain the history of consumer lending
- Describe the different types of consumer
Use credit criteria to evaluate prospective borrowers.
- What Is Consumer Lending?
o Pre-19th century
o Installment payments
o Demand for consumer credit
o Growth of credit cards and revolving consumer credit
o Car loans
o Student loans
o Credit cards
o Debit cards and overdraft
- The 5 Cs of Credit Criteria
- The Fair Credit Reporting Act
o Impact on consumer lending policies
- Penalties for non-compliance