BSP Cir. 702
Series of 2010
1. No more pre-approved credit cards ( although I still see loopholes)
2. A Table of Applicable Fees shall be provided;
3. A Reminder that by paying minimum due, your balance will incur interest/charges;
4. Inform CC Holders that their accounts will be endorsed to a collection agency ast least seven (7) days before actual endorsement;
5. Requires banks to implement procedures so that collectors shall IDENTIFY themselves ( no more Atty. Collector or Tenyente Guevarra) ;
6. Penalties : first offense : Reprimand of Director/Officer ( Vice President?)
7. Effective: Jan. 1,2011 ( more or less)
CC Defaulters may now use this Circular to:
- inform callers that they have yet to receive formal notice re: transfer of a/c to a CA;
- ask the caller his true identity,subject to further confirmation w/ the bank
BEFORE he deals with the caller.
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