A.Bogdanovičius becomes Chairman of the Board at consumer loan association
Andrius Bogdanovičius, CEO at Creditinfo Lithuania, was elected as Chairman of the Board at Lithuanian consumer leasing and credit association (LVLKA).
At press release, A. Bogdanovičius stated: “Improving responsible lending standards are among the main priorities this year. Also, we will focus on more confidence in this sector and a closer cooperation with regulatory authorities. Consumer loans are import instrument in financially active society. However, it is necessary to raise standards, transparency in sector and also focusing on increasing borrowers’ financial literacy level”.
He also added that association is ready for expansion and welcomes responsible lending market players. A. Bogdanovičius will pay attention on clients’ creditworthiness process. One of the key points – members should start sharing their good practise using innovative clients scoring and monitoring systems. This will help to maintain sustainable loan portfolio growth.
The association unites four members in consumer loan market – General Financing, IPF Digital (Credit24), Moment Credit, Provident – as well as newly joined member credit bureau Creditinfo. During the first quarter of 2016, the association members provided over 36 thousand new loans. Their active loan portfolio consists nearly 180 million. EUR.