BSP issues guidelines in credit card debt collection

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Monday, March 7, 2011


DISCLOSING the names of credit cardholders who allegedly refuse to pay debts is considered an unfair collection practice as per the Bangko Sentral ng Pilipinas (BSP) regulation governing credit card debt collection practices.

“Credit card issuers and their collection agents should observe good faith and refrain from engaging in unscrupulous or untoward acts, to the extent of harassing and humiliating the credit card holder,” BSP said in its advisory.

Making contact at unreasonable or inconvenient times or hours, which is before 6AM or after 10PM, is also prohibited “unless the account is past due for more than 60 days or the cardholder has given express permission or said times are the only reasonable or convenient opportunities for contact.”

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Other instances of unfair collection practices include the use or threat of violence or other criminal means to harm the physical person, reputation or property of the cardholder; use of obscenities, insults or profane language which amount to a criminal act or offense under applicable laws; threat to take any action that cannot legally be taken;
Communicating or threat to communicate to any person credit information which is known to be false, including failure to communicate that a debt is being disputed; and any false representation or deceptive means to collect or attempt to collect any debt or to obtain information concerning a cardholder.

Cardholders or any concerned entity are advised to contact the Financial Consumer Affairs Group of the BSP’s Supervision and Examination Sector via consumeraffairs@bsp.gov.ph for clarifications or complaints. (CGC)

Published in the Sun.Star Bacolod newspaper on March 07, 2011.

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