BNB with Changes in the CCR: A More Secure Market and a New Role for Credit Intermediaries
The Bulgarian National Bank (BNB) is introducing important changes to the Central Credit Register (CCR) effective from 2026, aimed at limiting abuses and increasing consumer protection. These come in the context of sustainable lending growth in the country and an intensified focus on transparency and trust in relationships among clients, banks, and credit intermediaries. The changes will have a direct impact not only on banking and non-banking institutions but also on intermediaries, including credit intermediaries registered with the BNB, such as Creditchoice Ltd.
Faster Reporting and Curbing Fraud
Until now, banks and financial companies have had 5 working days to enter information about new loans into the CCR. This period created opportunities for abuse—malicious borrowers could take out several loans before the system reported the first one. From February 1, 2026, this period is reduced to two working days. Thus, banks, non-banking institutions, and intermediaries such as Creditchoice Ltd. will use more up-to-date data and be able to make a more precise assessment of clients’ creditworthiness. This change will reduce the risk of debt accumulation and increase security in the sector.
Court Decisions – A New Guarantee for Fairness
From January 1, 2026, financial institutions will be obliged to submit information to the CCR immediately upon receiving any final court decision that changes or annuls data on a given loan. This is particularly important for clients who have fallen victim to unlawful actions or have contested invalid obligations. The new mechanism guarantees that if a court declares a given loan null and void, this will be immediately reflected in the system. For intermediaries like Creditchoice Ltd., this change presents an opportunity to assist their clients in restoring their credit history by ensuring they provide up-to-date, credible information when applying for new loans.
Greater Transparency in Transferred Loans
The BNB is expanding the scope of the CCR to include collection companies and companies that purchase or service loans. Until now, such institutions often remained outside the scope of the register, leading to incomplete and outdated information. Following the changes, every participant in the loan chain will be required to submit data on the loan’s status and repayment. This will increase transparency and facilitate intermediaries such as Creditchoice Ltd., which works with numerous clients and banks, in their work of consulting and analysing real indebtedness.
Impact on Clients and the Role of Creditchoice Ltd.
For clients, the changes mean greater security and the possibility of timely protection against erroneous entries or fraud. For intermediaries like Creditchoice Ltd., this is a chance to demonstrate an even higher standard of professionalism. The company offers personalised consultations based on accurate data from the CCR and assists clients in choosing the most suitable credit products. The new regulations will enable even more reliable communication between clients and banks, and intermediaries will establish themselves as a key element in lending and consumer protection.
The changes introduced by the BNB are a clear sign of modernisation and increasing transparency in the financial system. They place the client at the centre of attention and reinforce the role of intermediaries like Creditchoice Ltd. as a reliable partner between citizens and financial institutions. Under conditions of continued growth in credit activity, such reforms will not only reduce the risk of abuse but also create a fairer, more balanced, and sustainable environment for the development of the credit market in Bulgaria.
