Tl;DR: Nothing comes free in this world. Our data is their business, and we're their investment.
Btw, every app/product is the same. No difference, and at the same time, they're not doing charity. They provide value and convenience, but it comes at the cost of detailed profiling and monetization of your behavior. Always weigh the benefits against the privacy trade-offs.
Based on CRED's privacy policy, here's a summary of the data they collect and its potential impact:
Data Collected
A. User Provided information
- we may require supplementary information, your residential address, financial details, credit score, credit/debit card specifics, and any other officially valid documents (OVDs).
- Where you opt to provide any device permissions such as contact list, photos, camera, location, microphone, SMS, storage, phone calls and NFC, CRED may retrieve, retain and use the data sourced through such device permissions.
- For registration purposes, we may collect personal details such as your name, mobile number, email ID, date of birth, and Permanent Account Number (PAN).
C. Information we collect from third parties
- your credit information from our bureau partners during the onboarding process.
D. CRED Protect
- If you authorize the linkage and connection of your email account with CRED, we may access the email account to collect certain financial information such as:
- credit card bill specifics such as total amount due, minimum amount due and due date, and other financial and transactional information;
- details of insurance policies;
- details regarding other bills such as utility bills;
- other financial details.
E. Benefits of CRED Protect include but are not limited to:
- Curating offers and rewards customized for you;
- Curating your motor insurance details in one place and sending reminders for renewal dates;
- Providing insight into your spending pattern(s) to enhance your financial awareness and assist in making more informed decisions;
- Identifying utility billers and insurers/insurance service providers you transact with to retrieve your utility bill and/or insurance details;
- Curating specific financial/investment/other products based on your past financial behavior, transactions, and investments.
We restrict our email reading to those related to financial services, such as credit card statements, loan statements, bank statements, insurance policies, biller details,
etc.,
When you activate CRED Protect on Whatsapp.
We might share your data with our trusted third parties in order provide services to you.
Utilization of information
- Additionally, we may use your Personal Data to carry out data analytics to improve the user experience, enhance performance, and accomplish desired results.
- we may use the information generated by your usage of our application, excluding data collected from other sources such as emails, etc., for promotional purposes.
B. Establish and Maintain a Secure and Trusted Environment on CRED
- We may share such information with our advisors, third-party service partners, and providers to facilitate a seamless user experience.
C. Disclosure and Sharing of Data with Third Parties
- When you avail such products or services, any data you provide and the data collected from your use of the application shall be shared with the respective third parties with whom CRED has partnered. Their usage of this data will be governed by their terms and conditions and privacy policy, including sharing with their subcontractors, if any.
- We encourage you to familiarize yourself with their advertising practices, including the types of information they may collect.
Retention
- CRED reserves the right to modify this policy at its discretion from time to time. Any amendments shall take effect immediately upon posting the revised Privacy Policy. We advise you to periodically review this page for the most recent information on our privacy practices. Your usage of the CRED application shall be deemed to be consent to the Privacy Policy as modified from time to time.
We do not sell your personal information to or share it
with unaffiliated third parties for their own advertising or marketing purposes without your consent
Impact of Data Collection
- Positive Impacts
- Enhanced user experience through personalized recommendations.
- Fraud prevention through extensive monitoring of transaction patterns.
- Timely credit card bill reminders and spend analysis help users manage finances effectively.
- Privacy Concerns
- Centralized storage of sensitive financial data increases the risk of breaches.
- Aggregation of personal and behavioral data may be used for targeted marketing.
- Dependence on third-party verification services may expose users to potential data sharing beyond the platform.
- Long-Term Data Retention
- User records, including transaction details, are retained for up to 7 years, might exposure to potential misuse.
- Transparency
- Reliance on credit bureaus and external data sources may reduce user control over their data
For further details, explore CRED’s privacy policy directly on their website:
CRED Privacy Policy.
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