Unit of competency Outline

Date retreived
22/07/2026 11:01 PM AWST

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Promote client understanding of the role and effective use of consumer credit

Promote client understanding of the role and effective use of consumer credit

Unit of competency
National Code
FNSCRD513
State Code
OEB97
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
15/06/2022
View on TGA
State Implementation and Classification
Approved Date
07/12/2022
Field of Education
081101 - Banking And Finance
Original Release Date
07/12/2022
Nominal Hours
50
Description
This unit describes the skills and knowledge required to develop clients’ financial skills and literacy by explaining the functions and implications of different forms of consumer credit.The unit applies to individuals who use a range of communication styles and techniques to provide comprehensive analysis of information in managerial support or service roles, particularly to clients with minimal financial awareness.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Identify types of appropriate consumer credit options for clients
  • 1.1 Identify clients’ financial situations, requirements and objectives regarding consumer credit
  • 1.2 Explain consumer credit facilities to clients
  • 1.3 Provide clients with written supporting documentation and explain its key aspects
2. Identify and discuss costs of using credit to clients
  • 2.1 Explain features, terms and conditions of consumer credit facilities appropriate to client’s financial situation, and disclose impacts and possible risks in a clear and concise manner
  • 2.2 Explain fees and costs associated with different types of credit options for clients
  • 2.3 Demonstrate how to interpret differences between advertised interest rates and comparison rates
3. Promote effective management of consumer credit
  • 3.1 Discuss strategies to avoid excessive or unmanageable debt with clients in relation to their financial situations
  • 3.2 Discuss strategies to minimise fees and cost of credit with clients
4. Provide clients with information regarding credit reference reports
  • 4.1 Explain role of credit reference agencies to clients
  • 4.2 Emphasise purpose and use of credit reference reports in assessing loan applications and explain implications of establishing a poor credit history to clients
  • 4.3 Explain right to access and methods of obtaining own credit reference report, and provide relevant contact details to clients for follow-up if required
No information
No information
Replaces
State Code National Code Title Type
AUQ85 FNSCRD503 Promote understanding of the role and effective use of consumer credit Unit of competency