According to the BSP Circular No. 702 released on December 15, 2010, banks and other issuers of credit cards in the Philippines are now required to notify you in writing of their decision to endorse the collection of your credit card account to a collection agency or agent at least seven days before actually endorsing your account.
Also, when your credit card issuer changes the collection agent, you again need to be notified.
When notifying you, the credit card issuer should include the following:
- full name of the collection agency
- contact details
Collection agents, whether in-house or third-party collection agents, are required to disclose their full names to you, the cardholder.
There’s one condition: This notification requirement should be in the Terms and Conditions of the Credit Card Agreement that you signed when you applied.
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To avoid future credit card problems, don’t apply for one. But if you need a credit card for your online work, or for credit history building, choose the one with lifetime-free annual fee or the one with low interest.
And then don’t be a mall-goer if you’re easily attracted to things, or if you’re the generous type who buys so many things for the sisters, the brothers, the pamangkins.
Or don’t bring your credit card always. Keep it in a safe place at home. And try your best to Pay All Your Outstanding Balance before the due date. Pag may pera na, huwag nang patagalin sa kamay, kahit malayo pa ang due date, dahil sabi nga nila, madulas ang pera.
Pag minimum due lang ang binabayaran mo, baka nagkaapo ka na, di ka pa bayad. Take it from me. Nalunod na ako sa credit cards, I always thank God na nakaahon ako.