CREDITABLE Lending Corp., the operator of online lending platform Easypeso, has been slapped with a cease and desist order by the Securities and Exchange Commission (SEC) over its unfair debt collection practices.
The SEC order was issued on Thursday following the implementation of a warrant to search, seize and examine computer data issued by a Manila Regional Trial Court.
“[A] plain-view inspection of the desktop monitors/screens revealed that the employees of the respondent were employing abusive collection or debt recovery practices against their borrowers by sending threatening messages to the borrowers and even their contacts,” the SEC said.
These were said to be in violation of the Financial Products and Services Consumer Protection Act Memorandum Circular 18, its implementing rules and regulations, and relevant SEC directives.
“The commission finds issuing a cease and desist order against the respondent warranted,” the order states.
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