Know Your Rights
Key Pillars of Credit Consumer Protection
Through effective oversight, guidelines and enforcement, SKP ensures that credit activities are conducted in a fair, transparent and responsible manner to safeguard the wellbeing of credit consumers.
- Prohibited Business Conduct
Businesses must operate fairly, responsibly and professionally. Unfair, deceptive or exploitative practices are strictly prohibited. - Marketing and Promotions
All advertising and promotional materials must be clear, accurate and not misleading. Credit consumers must not be misled by false promises or unclear information. - Transparency and Disclosure
Key information must be transparent, sufficient and easy to understand, and provided at the appropriate time to enable informed decision-making. - Fairness of Credit Terms
Contract terms must be fair and balanced, reflecting the rights and responsibilities of both credit consumers and credit providers. - Financing Costs
Interest, profit rates, fees and charges must be reasonable and not excessive. - Credit Assessment
Credit providers must assess credit eligibility and repayment capacity before granting credit, ensuring that consumers only take on debt they can afford.
- Ethical Debt Collection Practices
Debt collection must be conducted with sufficient notice and in an ethical manner, without threats, force or excessive harassment. - Relief From Financial Hardship
Credit consumers facing financial difficulties are entitled to appropriate assistance or relief to meet their repayment obligations. - Complaints Handling
Credit providers and credit service providers must establish dedicated channels to handle and resolve complaints fairly and effectively. - Competency of Representatives
Personnel dealing with credit consumers must be properly trained, knowledgeable and professional. - Consumer Information Management
Personal and financial information of credit consumers must be kept confidential and protected against misuse.