New banking code seeks greater consumer protection
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Banks and real estate to do more for customers in financial difficulty under the new code of banks, which comes into force today. The latest version of the voluntary code, it is clarified that banks should think proactively contact customers, they can, in the direction of the problems on the basis of information they keep. Previously, although in practice this happened often, the code establishes the obligation for clients who have their accounts payable, if they begin to create difficulties. The code, which relates to savings and current accounts and loans, excluding mortgages, which encourages people to speak their bank on the possible difficulties. In him, the banks agree to anything they can do to assist them, including helping to develop a plan to develop with their financial problems. The update also contains a code of the obligation of responsible lending, banks must evaluate whether people who are able to repay their debts before new credits or advanced increased their credit limit. Banks must also confront the account of the man in the credit references in the evaluation of all applications for credit, and must take account of income and consumption of financial commitments, their old behaviors internal financial or credit scoring. Banks must also ensure that consumers know how they are on the decline of an increase in the credit limit on your credit card, and give them more information about the credit card checking, Typically, an increase in interest rates and fees that credit cards. |