Consumer Credit Fundamentals
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1 Consumer Credit Fundamentals
2 Also by Steven Finlay THE MANAGEMENT OF CONSUMER CREDIT Theory & Practice
3 Consumer Credit Fundamentals Second Edition Steven Finlay
4 Steven Finlay 2009 Softcover reprint of the hardcover 1st edition All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6 10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The author has asserted his right to be identified as the author of this work in accordance with the Copyright, Designs and Patents Act First edition published 2005 Second edition published 2009 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number , of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin s Press LLC, 175 Fifth Avenue, New York, NY Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave and Macmillan are registered trademarks in the United States, the United Kingdom, Europe and other countries ISBN ISBN (ebook) DOI / This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. A catalogue record for this book is available from the Library of Congress
5 To Sam and Ruby
6 This page intentionally left blank
7 Contents List of Tables and Figures Preface xiii xiv Acknowledgements 1. 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 25 non-mainstream) lending 2.6 Credit products permitted under Islamic (Shari ah) law Credit providers Chapter summary Suggested sources of further information 32 vii xvi
8 viii Contents 3. 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 71 decisions 4.7 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 79 agreement The right to cancel (right of rescission) Advertising Credit tokens Early settlement 83
9 Contents ix Charges for delinquency Court action to recover debt Repossession of goods under hire-purchase 86 and conditional sale agreements 5.2 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 Garnishment restrictions The Fair Credit Reporting Act The Equal Credit Opportunity Act The Fair Debt Collection Practices Act 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 104 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) 115
10 x Contents 6.3 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 155 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 168
11 Contents xi 8.3 Public information Court judgements, bankruptcies and 169 repossessions The Electoral (Voters) Roll Private information Shared customer account data Credit searches Credit Industry Fraud Avoidance Scheme 172 (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 175 credit reference data No trace cases Previous addresses, linked addresses and joint 177 applications Third party data US credit reference agencies Other national situations The role of credit reference agencies in credit granting 183 decisions 8.10 Using credit reference data to re-evaluate existing 183 customers 8.11 Infrastructure requirements for credit reference 184 agency operation 8.12 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 203
12 xii Contents 9.2 Account management Account cycling and statement production Transaction authorization and transaction 205 fraud Customer or account level management? Collections Collections strategies Designing collections strategies and action 212 paths 9.4 Debt recovery Write-off, debt sale and legal action The business functions responsible for credit 214 management Marketing Credit Operations IT Legal, and accounting and finance Chapter summary Suggested sources of further information 219 Appendix A: The Calculation of Interest and APR 221 A.1 Simple and compound interest 221 A.2 Calculating interest for fixed term amortizing loans 223 and mortgages A.3 Calculating interest for credit cards 224 A.4 Calculating APR 226 A.5 Example interest and APR calculations 230 Notes 235 Bibliography 239 Index 246
13 List of Tables and Figures Tables 6.1 Customer repayment schedule Response rate analysis Contribution analysis by population segment Capital requirement calculation using the standardized 131 approach 7.1 A score distribution report Pricing for risk strategies 158 A.1 Schedule of advances and repayments 232 Figures 2.1 Key dates for credit card accounts A UK data protection statement The relationship between customers, merchants and 108 card issuers 7.1 Personal loan application form Example of a credit scorecard Relationship between the good:bad odds and score Differences in name and address data Logic for the use of third party data The credit lifecycle Application processing system The application process Terms of business for a personal loan Collections strategies and action paths 210 A.1 Calculating the APR using the Excel Solver 229 A.2 Calculating monthly credit card repayments 233 A.3 Calculating credit card APR 234 xiii
14 Preface Like many people I have a mortgage. I recently bought a new dishwasher and it made sense to take the interest-free repayment option and leave the money earning interest in the bank, rather than paying for it there and then. The last time I bought a car there was no discount for cash like the good old days, but if I had taken the company s motor finance plan then they would have cut me a deal. When I do my grocery shopping I use the credit card supplied by the supermarket to gain loyalty points, and I ll even use my credit card to buy a newspaper if I go to the local store and don t have any cash. I m a typical individual living in a world where credit is prevalent across almost every aspect of consumer society. Was credit always so pervasive? Between the early 1980s and the late 2000s the amount of personal debt more than quadrupled in real terms in the US, UK and many other countries, and today more people use more credit in more ways than ever before. Yet credit is not just a modern phenomenon, and the nature of the credit we use today is little different in principle from that used by the Babylonians, Greeks and Romans thousands of years ago. What has changed is the speed, sophistication and convenience of the credit experience brought about through the application of modern technology. Is credit a good thing? Arguments about the pros and cons of credit have raged since antiquity, with references to its use and misuse in many ancient texts including the Bible, the Qu ran and the Torah. Aristotle argued against the unnatural nature of interest-bearing credit while others, such as the eighteenth-century philosopher and social commentator Jeremy Bentham, argued for the right of each person of sound mind to borrow under whatever terms they saw fit, without undue restriction or legislation an argument widely accepted by modern economists. Today, there is often an undercurrent of us versus them. The consumer is represented by the media as the underdog, enslaved to debt by the financial services industry in its never ending drive for profit. Yet it is difficult to see how western societies, particularly the UK and US, could manage without consumer credit in something resembling its current form. We live in a state of tension. On one hand credit provides the ability to buy goods and services when we want them, and xiv
15 Preface xv provides a cushioning effect against short term economic downturns, allowing spending to continue until conditions improve. On the other hand debt has caused a huge amount of misery and unhappiness. Between 5 and 10 percent of the UK adult population has been taken to court at some point in their lives because of unpaid debts. Millions of Americans lost their homes in the aftermath of the sub-prime mortgage fiasco of 2006/7 and the subsequent weakening of the US housing market with the effects of the credit crunch that followed felt throughout the world. The issue we need to address as a society lies in balancing these opposing forces. The benefits of a liberal financial services framework need to be weighed against the protections required to safeguard the wellbeing and livelihoods of the populace in a manner we have come to expect in modern civilized societies. Despite widespread use of credit and almost daily coverage in the media, the literature relating to consumer credit issues is fragmented, and there is much ignorance about one of the world s largest industries. What material does exist is often specialized and focused towards specific aspects of the subject. There is very little that comprehensively introduces consumer credit in something approaching its entirety. Therefore, this book has been written to fill what I perceive as a gap. My objective has been to provide a broad contextual and crossdisciplinary introduction to consumer credit, covering its history, the types of credit available, how credit is granted and managed, the legal frameworks within which commercial lenders must operate, as well as consumer and ethical issues. I have also tried to provide a text that is relevant to consumer credit markets around the world. This is a tall order, but I hope I have been able to provide sufficient information for it to be of worth to anyone with an interest in the subject. Steven Finlay, December 2008
16 Acknowledgements First and foremost I would like to thank my wife Sam, and my parents, Ann and Paul, all of whom contributed from their own areas of expertise and devoted much of their time towards reading early drafts of the manuscript. My thanks also to Professor Robert Fildes of Lancaster University for his comments, input and guidance. I would also like to thank Dr Ian Glover of Experian, Dr Mohammed Salisu of Lancaster University, Professor John Presley and Dr Keith Pond of Loughborough University, Nathen Finch of the National Pawnbrokers Association and Mark Rowe of Pentest Limited for their help. Finally, there are numerous others to whom I am indebted in one way or another for their help and support, and my thanks goes to all of you. xvi
Consumer Credit Fundamentals
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