As Norway’s largest debt collection company, we are among the first to realize that the way the debt collection industry worked previously has not been sufficiently sustainable. Therefore, Kredinor aims to guide customers back to financial health in a more efficient manner and at a more reasonable cost than before.
In the past year, Kredinor has been at the forefront for changes in the debt collection industry and for a more sustainable approach. In our industry it is a paradox that the more fees and interest customers add to their debt, the more debt collection companies’ revenues increase. In other words, there has been a conflict of interests between debt collection companies and customers. This cannot continue.
As a customer, you should question what is the most sustainable way forward. You have the power to choose who that assists you with your customers when they face financial problems. We recommend that you take the opportunity to influence. The work we do is, in many ways, for your benefit, and as a customer it is entirely appropriate that you are genuinely interested in what the actual practices are towards your customers.
Kredinor has embarked on a journey towards a more sustainable debt collection industry. Among other things, we have saved customers significant costs by introducing new rules on how we communicate increased fees and charges. When the customer pays quickly, they save money. This leads to faster payment for you as a client but reduced income for us. We still believe that this is the right thing to do.
This change is also an example of us choosing the sustainable path, even though it results in lower income for us. The positive aspect is that the end customer saves money and can use it to pay off the debt itself.
In the future, we should collectively look at how we can change the industry and how we can work in debt collection in a more sustainable way. Kredinor has started the journey, and we hope that as many of our customers, clients, and partners as possible will join us.
We must avoid adding on to the burden. We must listen and look ahead. We help solve the entire problem, not just the individual case. We aim to motivate and contribute to helping customers achieve their goals faster.