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PSzÁF fines Credigen Bank HUF 9 mln for unfair business practices

The Hungarian Financial Supervisory Authority (PSzÁF) has fined Credigen Bank HUF 9 million because the bank notified several of its clients fulfilling their payment obligations on schedule of defaults, threatening them with forwarding their data to the Central Credit Information System.

PSzÁF said it started the investigation because it received a number of customer complaints over client notifications sent by Credigen. The investigation found that the bank had notifications and demand notes containing the wrong data from as early as November 2009 to clients, many of whom did not have any overdue debt at all.