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Credit Consultants' Association Set up in Bulgaria

Tuesday, Jul 01, 2008

Leading companies in the credit sector founded Monday an Association of Credit Consultants in Bulgaria (ACCB).
The requirements for new companies applying to join the Association are: at least one-year experience in the market, signed contracts with at least eight banks, and credit consulting as the main subject of activity of the respective company.
The main goals of the ACCB are to promote credit consulting and its benefits, to lobby for the adoption of the respective legislation, and to set up a licensing regime for this type of activity.
"This is the next step in establishing this business model in Bulgaria, and bringing it to the level of the best world practices. We, the founders of the Association, represent 80% of the Bulgarian credit consulting market", Tohomir Toshev from the Governing of Board of the ACCB said.
According to data of the ACCB, only 6% of the credit consumers in Bulgaria use credit consulting services compared to 40% for Central and Eastern Europe, and 90% for the USA.
Another indicator for Bulgaria's credit consulting market is the ratio of mortgage credits to the GDP. The figure for Bulgaria is 10,42% in 2007, compared to 12% for Poland and Slovakia, and 80% for the UK.

Source: Sofia News Agency