REPUBLIC ACT NO. 10870
Philippine Credit Card Industry Regulation Law
Appropriate Manner of Collection of Any Credit Card Debt
Shall not harass, abuse or oppress any person or engage in unfair practices
1. Administrative Sanction ( suspension or cancellation of authority to issue credit cards)
2. Imprisonment of 2 to 10 years, or a fine of P 50,000.00 to P200,000.00 or both
UNFAIR COLLECTION PRACTICES
BSP Cir. 454 Series of 2004
a) the use or threat of violence or other criminal means to harm the physical person, reputation, or property of any person;
b) the use of obscenities, insults, or profane language which amount to a criminal act or offense under applicable laws;
c) disclosure of the names of credit cardholders who allegedly refuse to pay debts, except as allowed under Subsec. X320.9 and 4301N.9;
d) threat to take any action that cannot legally be taken;
e) 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;
f) any false representation or deceptive means to collect or attempt to collect any debt or to obtain information concerning a cardholder; and
g) 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.
NO ANONYMOUS POSTS PLEASE.
