Cred’s Unique Hiring Policy Ties Credit Scores to Employment
Bengaluru-based fintech unicorn Cred is making headlines with its unconventional hiring policy that requires potential employees to have a credit score of 750 or higher. Founder and CEO Kunal Shah emphasized that this criterion reflects the company’s commitment to promoting responsible credit behavior, which he believes is essential for India’s financial progress. During a recent product launch event, Shah discussed how this approach aligns with Cred’s mission to foster a culture of financial empowerment.
Hiring Criteria Reflects Company Values
Cred’s hiring policy is a bold move in the Indian job market, where checking credit scores during recruitment is not a common practice. Kunal Shah stated that maintaining a good credit score should be a standard expectation among affluent individuals in India. He believes that responsible credit habits are vital for the country’s financial development. “If they don’t do well, we cannot expect the country to become Viksit,” Shah remarked, highlighting the importance of integrating these values into every aspect of life, including employment.
For candidates who may not have an established credit history, particularly younger applicants, Cred offers a grace period of three months to achieve the required score. This policy not only filters candidates based on their financial responsibility but also encourages them to develop good credit habits early in their careers.
New Features to Enhance Credit Management
At the same event, Shah unveiled Svalbard, a new suite of features designed to improve credit management for users. This offering includes a revamped credit score experience that utilizes predictive analytics, helping users understand how their financial decisions can impact their creditworthiness. Additionally, personalized goal-setting tools and a real-time dashboard for tracking credit progress were introduced, aiming to simplify the credit management process.
Cred’s new credit card management system consolidates multiple card statements and provides real-time tracking of spending patterns. It also includes features to detect hidden charges, enhancing transparency for users. Another innovative feature, Cred Cash+, allows users to borrow against their mutual fund holdings without liquidating them, with loans starting at an interest rate of 8.99%. This marks a significant expansion for Cred, which previously focused solely on unsecured consumer lending.
Empowering Users Through Financial Clarity
Shah emphasized that Cred’s latest offerings are designed to transform credit into a tool for financial empowerment rather than a source of stress. He acknowledged that while access to credit is crucial for financial growth, many consumers hesitate to engage with credit products due to fears of complexity and potential financial pitfalls. By simplifying credit management and providing users with the necessary tools to navigate their financial decisions, Cred aims to alleviate these concerns and promote responsible credit usage.
Observer Voice is the one stop site for National, International news, Editor’s Choice, Art/culture contents, Quotes and much more. We also cover historical contents. Historical contents includes World History, Indian History, and what happened today. The website also covers Entertainment across the India and World.