Borrowers Who Are 60 Days Past Due

If a borrower’s debt on a credit card or unsecured credit facility is 60 days past due:

• Financial institutions (FIs) cannot grant further unsecured credit to that borrower.
• Other FIs cannot increase that borrower’s credit limits, or issue them new credit cards or unsecured credit facilities.

Note: The other FIs are not required to suspend the borrower’s existing credit lines if repayment is not 60 days past due.

A debt on a credit card or unsecured credit facility is considered past due if:

• The minimum payment is not received by the specified due date (for credit cards and revolving unsecured credit).
• Any instalment amount due is not paid by its due date (for non-revolving unsecured credit such as term loans).

FIs should determine this based on their own records, or through checks with the credit bureaus.

Checking for Past Due Debts with Other FIs

To determine if a borrower has a debt on a credit card or unsecured credit facility past due with another FI, check with the credit bureaus.

When a Suspension Can Be Lifted

FIs can reinstate a borrower’s suspended credit facilities when:

• The borrower has repaid all minimum payments due. The borrower does not need to repay the entire outstanding debt.
• They conduct fresh credit bureau and income checks on the borrower.