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Credit card firms blacklist 500,000 card holders


Inquirer
First Posted 03:18:00 10/21/2006

Filed Under: Financial & Business Services

A CREDIT information bureau set up by credit card companies has so far blacklisted 500,000 of the estimated 5.5 million credit card holders in the country, an industry official said.

The credit information bureau was officially launched last year but went into full operation only recently. Its 15 members include AIG, Bankard and Citibank.

The credit information bureau ?will allow members to share information on delinquent customers. Once they know an applicant is on the blacklist, it is up to them to decide,? said Rolando Tanchanco, chairman of the Credit Card Association of the Philippines (CCAP).

A card holder is blacklisted if his or her liability, regardless of amount, remains unpaid for at least 150 days from the due date, Tanchanco said.

The central bank and the Bankers Association of the Philippines, the group of heads of commercial banks, have proposed a credit information bureau, but the one set up by the CCAP is different from it, Tanchanco said.

The CCAP bureau has only a blacklist, whereas the one proposed by bankers and the central bank will have both a blacklist and a general list of people that engage in banking and credit transactions, he said.

A linkup may be possible in the future, he said.

Credit card transactions reached P200 billion last year, according to CCAP data. With INQ7.net



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