Process credit or hire-purchase applications on behalf of retail customers

This standard is about processing applications for credit or hire-purchase facilities on behalf of retail customers, including making any credit checks required. It involves treating retail customers politely and tactfully, particularly when questioning information they have provided or telling them that their application has been refused.

This standard is for staff with authority for processing credit or hire-purchase arrangements.
When you have completed this standard you will be able to demonstrate your understanding of and ability to:

• Process credit or hire-purchase applications on behalf of retail customers

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1. complete all the documents required for the credit or hire purchase application accurately following your workplace procedures
2. follow your workplace procedures and relevant legislation to complete the necessary credit checks and authorisation procedures
3. follow your workplace procedures to request more information from customers where credit checks reveal problems in any information given
4. keep customers' information strictly confidential following relevant legislation and your workplace procedures during all stages of the application process
5. refer problems with applications to the designated person when your level of authority has been reached
6. inform customers regarding decisions about their application to access credit or borrow funds following your workplace procedures
7. follow your workplace procedures to explain reasons to customers when credit has been refused and give contact details of the relevant person so that they can query or complain about the decision
8. process the application for credit or hire-purchase on behalf of customers following your workplace procedures and relevant legislation
9. offer additional or associated services to customers where appropriate

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1. the documentation required for credit or hire-purchase applications and how to fill them in accurately
2. how to check for problems with information about customers and how to question customers professionally about any problems
3. the credit checks to be carried out and how to do this
4. your workplace procedures for authorising credit applications
5. relevant legislations that apply to processing credit or hire purchase agreements
6. the ethical and moral issues around promoting credit arrangements
7. reasons why credit applications may be refused
8. how to explain to customers that credit or hire purchase applications have been refused
9. additional or associated services your workplace is authorised to offer to customers and how to spot suitable opportunities to offer these
10. your level of authority to make judgements about credit applications
11. who can help sort out problems with processing applications
12. why confidentiality is important when processing applications

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4

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2030

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Current

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Original

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Skillsmart Retail

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SSR.C308

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Retail and Commercial Enterprise, Retailing and Wholesaling, Sales and Customer Services Occupations, Sales Assistants and Retail Cashiers

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7111

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Retailing; retailers; processes; processing; hire purchases; hire-purchases; applies; applying; HP

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