BSP Circulars Subject BSP Requirements

CIRCULAR 398
Series of 2003


Confidentiality of
Information
.
Banks shall keep strictly confidential the data on the cardholder or consumers
Handling of
complaints

Within ten (10) calendar days from receipt of written notice of complaint or
dispute, the bank shall send a written acknowledgement to the cardholder,
unless the action required is taken within such ten-day period.

Not later than two (2) billing cycles or two (2) months but shall not exceed
ninety (90) days after receipt of the notice and prior to taking any action to
collect the contested amount, or any part thereof, the bank

o shall make appropriate corrections in their records and/or;
o send a written explanation or clarification to the cardholder after
conducting an investigation.

Circular 454
Series of 2004

Unfair Collection
Practices

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

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;

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.,

CIRCULAR 702
Series of 2010

Notification of
endorsement of
accounts to agency
Banks shall inform their cardholders in writing of
endorsement of their account to a collection agency or endorsement from
one collection agency to another, at least seven (7) days prior to the
actual endorsement. Notification shall include the full name of the
collection agency and its contact details

Personnel handling the collection of accounts, whether these are in-house
collectors, or third party collection agents, shall disclose his/her full name/true
identity to the cardholder.