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Consumer Credit Fundamentals

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ISBN-10: 0230220150

ISBN-13: 9780230220157

Edition: 2nd 2009 (Revised)

Authors: Steven Finlay

List price: $129.99
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Consumer credit is prevalent across almost every aspect of our consumer orientated society, and today there are very few products or services that can't be bought on credit terms or retailers who don't provide for credit facilities. Yet, despite the importance of credit to individuals, the economy and society, there are very few texts describing the operation of consumer credit markets anywhere in the world. Consumer Credit Fundamentals is the only book to provide a complete, cross-disciplinary and internationally focused introduction to a wide range of topics about consumer credit. The text has been substantially revised and updated with the launch of this second international edition. It…    
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Book details

List price: $129.99
Edition: 2nd
Copyright year: 2009
Publisher: Palgrave Macmillan Limited
Publication date: 2/2/2009
Binding: Hardcover
Pages: 252
Size: 5.50" wide x 8.50" long x 0.63" tall
Weight: 1.034
Language: English

List of Tables and Figures
Preface
Acknowledgements
Introduction
The rise and rise of consumer credit
Consumer credit defined
Boon or bane?
Working with credit
Chapter summary
Suggested sources of further information
Products and Providers
The features of credit agreements
The cost of credit
Credit products
Mortgages
Personal loans (installment loans)
Retail credit (retail loans)
Hire-purchase
Card accounts
Charge accounts
Revolving loans
Mail order catalogue accounts
Overdrafts
Pawning (pledging)
Payday loans and cheque cashing services
Productive and consumptive credit
Prime and sub-prime (mainstream and non-mainstream) lending
Credit products permitted under Islamic (Shari'ah) law
Credit providers
Chapter summary
Suggested sources of further information
The History of Credit
Ancient origins
The Greek experience
The Romans
The early Church to late middle ages
The Reformation
A modern philosophy of credit
From Victorian necessity to the First World War
Between the wars
The modern age
The impact of technology
Chapter summary
Suggested sources of further information
Ethics in Lending
The role of ethics in financial services
Ethics-a theoretical overview
Utilitarianism
Kant's ethical theory
Higher moral authority
Natural law, virtue and human rights
Ethics in practice
The charging of interest
Interest or usury?
Jeremy Bentham's 'Defense of Usury'
The principle of reasonable return
A right to credit?
The use of personal information in credit granting decisions
Over-indebtedness and responsible lending
Chapter summary
Suggested sources of further information
Legislation and Consumer Rights
The Consumer Credit Acts 1974 and 2006 (UK)
Credit license
Requirements for a legally binding credit agreement
The right to cancel (right of rescission)
Advertising
Credit tokens
Early settlement
Charges for delinquency
Court action to recover debt
Respossession of goods under hire-purchase and conditional sale agreements
The Enterprise Act 2002 and bankruptcy (UK)
The road to bankruptcy
After a bankruptcy order has been granted
Individual Voluntary Agreements (IVA)
The Data Protection Act 1998 (UK)
The right of subject access
Data controllers and data processors
The right to prevent direct marketing
Automated decision making
The Consumer Credit Protection Act 1968 (US)
The Truth in Lending Act 1968
Garnishment restrictions
The Fair Credit Reporting Act 1970
The Equal Credit Opportunity Act 1974
The Fair Debt Collection Practices Act 1977
The Electronic Funds Transfer Act
The Federal Bankruptcy Code 1978 (US)
Chapter 7 bankruptcy
Chapter 13 bankruptcy
Chapter summary
Recommended sources of further information
The Economics of Credit and its Marketing
Sources of income
Arrangement and account management fees
Interest charges
Transaction fees
Late payment fees, penalty charges and early redemption fees
Insurance
Merchant and interchange fees
The costs of providing credit
Infrastructure and overheads
Cost of funds
Bad debt and write-off (charge-off)
Fraud
Provision (and impairment charges)
Advertising and promotion
The special case of mail order catalogues
Offers and incentives
Retention and attrition
Cross-selling and up-selling
Capital requirements
What is capital?
Assets, risk and risk weighted assets
The Capital Ratio
The standardized approach
IRB approaches
Securitization
Chapter summary
Suggested sources of further information
Credit Granting Decisions
The creditworthy customer
The application for credit
Judgemental decision making
Credit scoring
Using the score to make decisions
Choosing the outcome period
Comparing judgemental lending and credit scoring
The case against credit scoring
Enhancing credit scoring systems with judgemental decision rules (policy rules)
Organizational policy
Data sufficiency
Expert knowledge
Legal requirements
Pricing for risk
Credit scoring models of profitability
Behavioural scoring
The impact of credit scoring
Chapter summary
Suggested sources of further information
Credit Reference Agencies
The history of credit reference agencies
Information held by credit reference agencies
Public information
Court judgements, bankruptcies and repossessions
The Electoral (Voters) Roll
Private information
Shared customer account data
Credit searches
Credit Industry Fraud Avoidance Scheme (CIFAS)
Gone Away Information Network (GAIN)
Notice of correction
Derived information
Geo-demographic and socio-economic data
Credit scores
Performing a credit search: matching applicant and credit reference data
No trace cases
Previous addresses, linked addresses and joint applications
Third party data
US credit reference agencies
Other national situations
The role of credit reference agencies in credit granting decisions
Using credit reference data to re-evaluate existing customers
Infrastructure requirements for credit reference agency operation
The myth of complexity
Secondary uses of credit reference data
The impact of credit reference agencies
Chapter summary
Suggested sources of further information
Credit Management
Recruitment
The credit granting decision process
Setting the terms of business
Shadow limits
Application fraud
Account management
Account cycling and statement production
Transaction authorization and transaction fraud
Customer or account level management?
Collections
Collections strategies
Designing collections strategies and action paths
Debt recovery
Write-off, debt sale and legal action
The business functions responsible for credit management
Marketing
Credit
Operations
IT
Legal, and accounting and finance
Chapter summary
Suggested sources of further information
The Calculation of Interest and APR
Simple and compound interest
Calculating interest for fixed term amortizing loans and mortgages
Calculating interest for credit cards
Calculating APR
Example interest and APR calculations
Notes
Bibliography
Index
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