Do you know that there are existing regulations that are meant to provide for credit card debt collection methods that are reasonable and legally permissible?Do you know that 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?

For the information of the public, existing Bangko Sentral ng Pilipinas regulations prohibit credit card issuers and their collection agents from engaging in the following instances of unfair collection practices:

• The use or threat of violence or other criminal means to harm the physical person, reputation, or property of any person;

• The use of obscenities, insults, or profane language which amount to a criminal act or offense under applicable laws;

• Disclosure of the names of credit cardholders who allegedly refuse to pay debts;

• 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;

• Any false representation or deceptive means to collect or attempt to collect any debt or to obtain information concerning a cardholder; and

• Making contact at unreasonable/inconvenient times or hours which shall be defined as contact before 6:00 A.M. or after 10:00 P.M., unless the account is past due for more than sixty (60) days or the cardholder has given express permission or said times are the only reasonable or convenient opportunities for contact.

FOR FURTHER CLARIFICATION AND INQUIRIES, PLEASE CONTACT:

FINANCIAL CONSUMER AFFAIRS GROUP
Supervision and Examination Sector
BANGKO SENTRAL NG PILIPINAS
5th Floor, Multi-Storey Building, BSP Complex
A. Mabini St., Malate, Manila
E-mail address: consumeraffairs@bsp.gov.ph
Tel. Nos.: Direct Line: (+632)523-3631• Trunkline (+632)524-7011 local 2584