A clean credit file, more likely to credit

Ani Petkova, student, working as a bartender in Blagoevgrad, is 23 years and is a veteran in credit problems. It is the weight the first consumer credit, as of 21 years. For slightly more than 12 months generates significant opportunities for its borchove – more than 1700 euro in late.

Annie, however, is ambitious and mind your own small business, having completed their education. Need it a little credit for that purpose, but of course that no one and gave it for his outstanding loan. Changing habits and a year later it was settled to the last penny. „Just be mobilized and izchistih everything,“ says Annie. In an effort she even refused cigarettes. „Give them a 150-200 euro per month,“ said Annie.

The pace of the young woman in the clearance of late might be a good investment. With the change in local legislation – the opportunity to examine financial institutions in the Central Credit Register (CCR) at the Bulgarian National Bank (BNB) the history of their clients for a period of five years ago and the tightening of loans, credit history becomes a factor of central importance for lenders. Banks and from the upcoming Fall and non-bank credit institutions will be able to judge the abilities of the people taken to return the borrowed money based on behavior of old loans – are paid on time their obligations under them, what types of loans are used, new downloaded etc. This will have direct consequences for everyday people – from where you live and work, this will draw you to new borrowing, how to pay for insurance and loan and others.

Job Application

Some jobs will require the submission and verification of the credit history of applicants. World economic crisis exacerbated the attention of employers, which in current market situation dictate the terms of employer-employee relationship and choose among more employees. Clean credit history may be another asset for which we employ. Back to the bad ratings it would be a burden in finding a new job, which nowadays is just a corner. In addition, employers in the financial industry often require prospective employees data, including credit history.

Loans

This number includes the access and interest on mortgage, consumer and other loans. Tightening of bank financing luxury home loans made to many people in society. Separately, many families in the country already faced with increased interest on your mortgage because of the global financial crisis. Clean credit history would be given advanced priority to applicants for mortgages. In addition to whether you will be granted housing loans, credit history will have an impact on the interest on it. As the chief payment, the lower they are. U.S. research shows that the difference in monthly installments of 30-year fixed mortgage rate depending on credit rating – low or high, reaching 56%, which are burdensome for irregular payment in the past. Question is identical with other types of loans.

Insurance

This includes motor, property and others. In many countries insurance companies use credit rating and history of your customers to determine the price policy. Although it has taken controversial, some studies demonstrate a link between credit and indebtedness of clients made claims for damages – the far one customer, the greater the risk the number of claims to rise.

Leases

Landlord interested in the credit history of the „tenants“ you are. Many Bulgarians earn additional income as a given free houses and rooms for rent, and have repeatedly suffered from unfair debtors. Credit records would be useful in this case for several reasons. One such file would have shown what was done in late payments tenant. Data from it show and what priority is attached application tenants of the payment of their rent. For example, if housing is the last thing in the chain of payments, the client would not be very reliable.

Credit Cards

Good credit history is the basis of concessions to the magic card that allows us to make purchases that will pay later. Such preferntsii could be the annual fee, interest on the loans granted resource, the amount of monthly credit line and more.

The idea is to register borrowers with good credit history to continue to have access to borrow money. These were a bad story back – hard to get new loans, except that they will be smaller and with higher interest.

Does this mean that customers who default on their loans will be deprived of the opportunity to use borrowed money? Not if you change your attitude and begin to lapse their duties, the experts indicate the financial sector. This is something anyone can do, they believe.

Notwithstanding the rise in non-consumer loans since the beginning of the year, their share remains low. In banking it is just over 6 percent of the entire portfolio at the end of May. Unofficial data slightly higher share of outstanding consumer loans in non-banking institutions, but there remain a one-size value.

Currently, financiers do not see much cause for concern and consider the increase in bad loans for normal under the current market situation. Against the background of global economic recession but nobody in the industry do not make an illusion. Concerns of managers is that any deterioration in the credit portfolio will lead to more stagnation in lending, which in turn will undermine the expected recovery of the economy. For this reason, some industry experts believe that must take preventive measures.

From „Easy Credit“ as its aim to promote the importance of good credit history and to highlight the benefits of it.

Credit history will play the same role that time our school played a notebook at school and through which we evaluate whether we are good students, „says Stanimir Vasilev, one of two executive directors of the company. Vassilev emphasizes the practice of European countries where the status of the correct payer provides a cheaper and easier access to financing, bank loans, insurance and security, increasing trust of the employer when applying for a position reduces the rent and facilitates the process of finding housing .

Expected to promote the initiative to include other companies in the market, banks, public authorities and banking supervision.

As a clean credit history, the more and bigger loans, and hence provisions for a faster exit from the economic recession and return to growth, indicating the formula Nedelcho Spasov, another Executive Director of Easy Credit.

Last year the portfolio of small loans in the home of the company increased two and a half times to over 18 million euro this year as it increased by half, but this will depend on the regular repayment of obligations to clients.

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