SEC files criminal complaints against Easypeso operators for abusive debt collection

The Securities and Exchange Commission (SEC) has filed criminal complaints against Easypeso's operators and officers for abusive debt collection practices.

On Friday, the SEC announced charges against 173 Creditable Lending Corp. employees and its incorporators, officers, directors, and beneficial owners.

Officials seized computers, company-issued phones, pre-registered SIM cards, text blasters, and scripts allegedly used to harass borrowers during collections from the Pasig City office on July 15.

Through an inquest proceeding, the SEC, NBI, NPC formally lodged criminal complaints with the Department of Justice under RA No. 11765 (Financial Products and Services Consumer Protection Act), RA No. 10173 (Data Privacy Act) and RA No. 10175 (Cybercrime Prevention Act).

The SEC's Task Force on Online Lending Application has been investigating Creditable Lending after receiving numerous reports of harassment from borrowers.

In addition, the commission’s Financing and Lending Companies Department issued a cease and desist order against Creditable Lending and Easypeso to prevent them from promoting or conducting lending transactions.