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The Bank of Lithuania examined almost 70 consumer credit agreements concluded in 2018-2020 with clients whose income or part of it consisted not of wages, but of various social or other benefits, such as disability, special needs, unemployment benefits and Similar.
“The investigation revealed that the company did not adequately assess clients’ ability to repay consumer credit (for example, some people’s income was less than € 100 per month) and therefore violated the requirements of the Assessment of the credit solvency of the consumer and the Regulation of responsible loans and the Law of consumer credit “. Bank.
The central bank notes that the Credit Service has taken steps to remedy the situation by changing consumer credit assessment principles and strengthening the automation of credit assessment processes.
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