Any Business Management School Should Teach Consumer Credit Basics
A sound knowledge of consumer credit is essential for any business person who must offer credit to customers. If your business school has not provided you with a thorough background in this subject, a complain is in order. It is subject that is often overlooked in business education, but one so essential to running a business and to selling any type of high-end product that the importance of consumer credit basics can not be stressed enough.
If you are going into business management, here are a few things you should know about this essential topic:
- First of all, you have got to know the laws pertaining to consumer credit. There are numerous statues, both federal and state, that regulate the granting of credit.
- Memorize the Truth in Lending Act. It requires full disclosure of exact credit terms, finance charges, and interest rates. Consumers have rights, so never violate those rights or you will face heavy penalties.
- Billing mistakes do happen. Have procedures in place for handling them or it could cost your money. Be prepared for the unexpected.
- It is illegal to discriminate on the basis of race, color, religion, and many other factors. Is your company in compliance?
- Get all the details you need about consumer credit laws at www.nolo.com.
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