– CEO Jillayne Schlicke writes as a contributor for Inman discussing the complexities of business language particularly in the realm of finance and interest rates.
– She emphasizes the potential danger of using common phrases in finance jargon, indicating that it could lead businesses straight into legal tangle.
– Phrases as ‘lower your interest rate’ or ‘getting the best rate’ are often misleading, generating unrealistic expectations and potentially leading to violations of TILA-RESPA (Truth in Lending Act- Real Estate Settlement Procedures Act).
– Schlicke cautions not to explicitly or implicitly indicate that a consumer’s decision to acquire mortgage-related services will affect the interest rate being charged.
– Additionally, advertising unguaranteed rates can be flagged for deceptive marketing, potentially damaging your business’s reputation.
– Schlicke advises business leaders to provide clear, accurate information to the consumers and to be aware of their rights and responsibilities under law.
Jillayne Schlicke Lights Up Interest Rate Jargon
Swimming Against the Current of Deceptive Marketing
Avoiding Legal Ripple Effects: Guidance for Business Leaders
Well, well, well, if it isn’t the tricky world of finance jargon stumping even the brightest of us, causing some heavyweight CEOs and businesses to belly flop right into a pool of legal woes. So, what’s the takeaway here? If you’re chatting about interest rates, don’t make promises you can’t keep and don’t sugarcoat the situation. ‘Lower your interest rate’ or ‘snag the best rate,’ might seem nice pick-up lines but when it comes to business, they are more like ticking time bombs.
And it seems like not only should you watch your words but also your advertisements! If you’re marketing unguaranteed rates, congrats! You’ve won a red flag for deceptive marketing – a one-way ticket to demolishing your business reputation. It’s like showing up to a high-fashion gala in a clown costume, absolutely not the impression you want to make!
So, all you business hotshots, pioneer innovators, and geniuses of the finance world, let’s take a page out of Schlicke’s book. Let’s underpromise, over deliver and keep things real with the consumers. You wouldn’t want the rug pulled out from under you and end up with a sore legal backside, would you? Remember, when it comes to finance, it’s better to spark lights of clarity rather than losing oneself in the fog of jargon.
Original article: https://www.inman.com/2024/01/30/does-your-date-the-rate-advice-constitute-deceptive-advertising/
