The National Bank of Bulgaria published a clarification on reporting to the Central Credit Register (CCR) and outlined planned changes to the CCR framework under Ordinance No. 22, including a potential сокращening of the current data submission time limits and new reporting on final court or administrative decisions where CCR data have been challenged. Under Article 10(2) of Ordinance No. 22, reporting entities may submit CCR data within 0 to 5 working days from signing a new credit agreement or amending an existing one, including renegotiated loans, and the CCR system allows multiple data package submissions within a single working day. The CCR covers a diverse set of reporting entities (including banks, financial institutions, payment institutions, electronic money institutions and crowdfunding service providers), with the largest credit portfolios exceeding 480,000 loans for financial institutions and over 1 million loans for banks, and monthly reporting exceeding 7.3 million loans from more than 260 reporting entities. To improve information quality, the CCR also enables reporting entities to receive information on how many CCR checks were carried out and by how many reporting entities over a period for a given individual or legal entity, with multiple pre-loan checks displayed in the CCR system as a potential indicator of simultaneous credit applications. Separately, the draft amendment would regulate CCR submissions on final court judgments or administrative acts in cases where client data in the CCR have been disputed in court, with reporting entities expected to make corrections where warranted; the release also reiterates that reporting entities remain responsible for the accuracy, completeness, timeliness and personal data protection compliance of submitted information. The National Bank of Bulgaria indicated that any reduction in the Article 10(2) CCR reporting deadlines would follow a public consultation with interested parties.
National Bank of Bulgaria 2025-10-01
National Bank of Bulgaria prepares Central Credit Register amendments and plans to shorten data reporting deadlines
The National Bank of Bulgaria clarified reporting requirements to the Central Credit Register (CCR) and proposed changes under Ordinance No. 22, including potential reductions in data submission time limits and new reporting on disputed CCR data. The CCR framework involves diverse reporting entities and handles extensive loan data, with over 7.3 million loans reported monthly. Proposed amendments also address the submission of final court judgments or administrative acts related to disputed CCR data, emphasizing reporting entities' responsibility for data accuracy and compliance.