This course looks at the use of credit scores and reports for screening individuals and businesses who are applying for loans. It considers the limitations in these scoring systems and reports, and how their use fits with the lender’s obligations under responsible lending.
It also covers the obligations of lenders and credit reporting bodies, and the remedies and searches available to consumers when they have a concern about their report.
Lastly, the course covers credit repair agencies and provides a real-life case study from the Credit and Investments Ombudsman (CIO) showing why a default was removed from a credit report for a consumer.
On completion of this topic, participants should be able to:
- Define what credit scoring is and how it works
- Identify the main bodies that provide scoring and how they categorise individuals
- Explain how credit scoring fits with responsible lending obligations
- Discuss the rights consumers have to access records and amend them
- Analyse a case study to identify best practice and breaches in credit reporting obligations.
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