Starting from the beginning of next year, alongside the adoption of the euro, the credit market in Bulgaria will undergo another significant change. In October, the Bulgarian National Bank (BNB) adopted amendments to the Ordinance on the Central Credit Register. These amendments will shorten the deadlines for submitting information on credit obligations, and the register will now also include data on court decisions and administrative acts that have entered into force and affect borrowers.

Under the changed rules, new loans will be recorded in the register within two days, instead of the current five-day period. This new rule is expected to limit the practice of individuals taking out multiple loans from different banks and non-bank companies in a short period of time before creditors have access to data on other loans. According to the BNB, the new deadline will increase efficiency and help to assess creditworthiness more accurately. Access to the credit register will be expanded – credit buyers and credit service providers will submit data and will be able to make inquiries. This also includes specialized debt management companies.

An important change also concerns court decisions – the Central Credit Register will now contain information on final court decisions or administrative acts concerning loans taken out. It will be mandatory to enter final court decisions declaring a loan null and void. This change will take effect on January 1. The new deadlines for entering newly taken out loans will apply from February 1.

According to the BNB, when multiple checks are performed on a natural or legal person in the credit register prior to the granting of a loan, this may indicate that the person is applying for a loan from several institutions simultaneously.