The SEC ordered the lender to pay a P50,000 penalty and stop pursuing collection activities through individuals who were neither guarantors nor co-makers of a loan, a statement on Thursday showed.
Lending giant
Home Credit has served over 12 million customers since entering the Philippines in 2013 and has generated nearly P500 billion in financed sales, making it one of the country’s largest non-bank consumer lenders.
Security Bank completed its acquisition of a 25 percent stake in Home Credit Philippines in May 2025 for a total consideration of P11.6 billion, with Thailand’s Krungsri retaining its 75 percent controlling stake.
Complaint triggered probe
The SEC case arose after a borrower complained that Home Credit repeatedly tried to collect a loan through people living in a home who had no responsibility for the debt, even after being asked in writing to stop.
Regulators said the practice exposed details about a borrower’s debt, financial condition and delinquency status to people with no lawful interest in the transaction.
The SEC also ordered Home Credit to stop using third-party residences for collection activities and cease collecting debts from individuals not named as guarantors or co-makers.
The lender was further directed to review and revise its collection policies and procedures and submit a compliance report to the regulator.
—Edited by Miguel R. Camus
