Cred detected Rs 11K crore in credit card hidden charges: Kunal Shah

Credit score was never designed to be a consumer product, instead it was made for banks to be able to lend without having to worry about the customer's behaviour, Kunal Shah said

Credit management platform Cred on Tuesday announced a suite of products under the Svalbard brand, including a credit line against mutual funds (MFs), a tool to predict and improve customers’ credit scores, and a non-profit entity called Cred Foundation aimed at financial literacy, representing 1 per cent of the Bengaluru-based company’s cap table. Founder KUNAL SHAH explains the rationale behind rolling out the machine learning (ML)-powered offering, plans to extend secured credit products, and potential initial public offering (IPO) plans in an interview with Ajinkya Kawale. Edited excerpts:

 

Svalbard uses ML models to extend tools that can predict and improve