17 Mar Selecting the consumer’s credit application.Obtaining relevant information on the consumer’s financial situation.
After the lender has determined or perhaps a customer is creditworthy, it may determine regarding the consumer’s credit application. The key problem to be addressed during this period is exactly what to accomplish in the event of the negative upshot of the creditworthiness test. The idea behind accountable financing shows that when this occurs the financial institution should just take reasonable steps to guard the buyer up against the threat of a repayment situation that is problematic.