Successfully Completed Audit by the Bulgarian National Bank under the Consumer Real Estate Credit Act
“Credit Choice” Ltd. successfully underwent a comprehensive regulatory audit spanning three months by the Bulgarian National Bank (BNB), conducted between October 2024 and January 2025. The audited reporting period covered our operations from September 2017 to September 2024.
“Credit Choice” Ltd. has been a registered credit intermediary with the BNB since 2017. Our activities strictly comply with the provisions of the Consumer Real Estate Credit Act (CRECA).
Context and Scope of the Audit
The BNB is the key institution ensuring stability and compliance within the financial sector. They constantly monitor the adherence to the standards imposed on financial institutions and their intermediaries, including credit intermediaries.
The audit was conducted pursuant to Article 68 of CRECA and covered the following key areas:
- Remuneration Policies
- Organization of training and enhancement of employee competence
- Interaction with third parties and partners
Audit Results
The final report by the BNB team confirmed that “Credit Choice” Ltd. complies with the requirements of CRECA, highlighting the following points:
- The Remuneration Policy complies with the provisions of Article 47 of CRECA.
- In accordance with Section IV, Requirements for Employee Competence, Article 48 of CRECA, our training programs fully cover the competence requirements for employees in the field of credit intermediation.
- We provide professional training for employees in line with legal norms.
- We comply with the requirements of Article 51, paragraph 8 of CRECA, according to which the activities of the credit intermediary cannot be outsourced to third parties.
We received some recommendations in the BNB report, which have already been implemented, reported, and approved by the Bank.
We thank the Bulgarian National Bank for the oversight it exercises over registered credit intermediaries and for monitoring the adherence to legal requirements. We believe that regular audits will lead to higher quality and transparency of the services offered by registered credit intermediaries!
