Stories from Romania: Steven Van Groningen – Consumer Protection, But Which Consumers?

This is a story written by Steven van Groningen on his personal blog. Steven Van Groningen is the CEO of a bank in Romania. Read about him here.

Recently we attended a wedding in Bucovina. The young couple lived in the USA but both were born in Romania and wanted to celebrate their religious wedding in Romania with their friends and relatives.

At a moment during he day, the subject of housing came up. Proud and enthusiast the young couple told us that they had just managed to buy an apartment in Chicago with a very advantageous financing.

Good Score Means Cheaper Credit

They explained that for years they had carefully managed their credit score so that they could benefit from a better interest rate. They took care to pay all their bills on time and would only take a few credits cards from the major providers. They made sure not to use them up to the limit and always repaid more than the minimum on their monthly installment. This way they had managed a good credit score and had access to cheaper credit.

Not The Same In Romania

Read the rest of the story here – on loan scores, the case of Romania, the credit risk bureau and whether Romania needs lower rates