CRED introduces AI coach to help users understand credit scores
What's the story
Fintech platform CRED has launched an innovative artificial intelligence (AI)-powered credit coaching feature. The new tool is designed to help users track and understand their credit scores in real time. The system combines AI with existing tools that analyze credit reports, providing personalized guidance to users. With this launch, CRED aims to improve financial literacy and empower individuals to take control of their credit health.
Feature details
AI coach offers real-time credit score tracking
The AI coach provides personalized guidance on a range of credit-related queries. This includes explaining reasons for score drops, the impact of closing a credit card, and tips to improve scores. Subscribers also get instant alerts about changes in their TransUnion CIBIL credit reports, along with daily report refreshes. These alerts are aimed at helping users spot potentially fraudulent, duplicate, or inaccurate entries sooner.
User access
Subscription plans for AI coach
The new feature will be available through monthly, annual, or one-time subscription plans. Users can also add up to four members under a shared plan, but individual credit information will remain private. CRED has assured that conversations with the AI coach won't lead to any storage or retention of user data. This move comes as digital lending and consumer credit usage continue to grow in India, highlighting the need for credit awareness among borrowers.
Expert opinions
Users will still have access to free features
Bhavesh Jain, MD and CEO of TransUnion CIBIL, emphasized that increased access to credit has made it necessary for people to be aware of and actively monitor their credit health. Miten Sampat, interim CEO of CRED, said the feature is aimed at helping users better understand and manage their credit profiles over time. Despite this new launch, users will still have access to CRED's existing free credit score features, such as monthly score refreshes and simulation tools.