All our efforts should provide real benefits to the people we are in contact with every single day. It is equally important for us that it also contributes to a more socially just and environmentally sustainable society.
Kredinors sustainability strategy: our role and opportunities
As Norway’s premier provider of Credit Management Services (CMS) and Portfolio Investments (PI), and with aspirations to lead the market in Sweden, Finland, and Denmark, we shoulder a substantial social duty to foster responsible payment practices and a robust financial ecosystem. This obligation reaches a broad spectrum of stakeholders – encompassing individuals in debt, the businesses that rely on us to manage their claims, our workforce, and government institutions.
Our position as a leader provides us with the opportunity to manage this responsibility and trust. Additionally, our size allows us to influence society at large. We have the opportunity to adjust and improve several of our services in various ways, with a noticeable impact for many. As an industry leader, we can influence frameworks, cooperations, and partnerships towards a more sustainable and socially equitable society.
S for social
Kredinor has an important societal role as part of the economic cycle. When you incur debt or purchase a product, it should be paid for. This is a fundamental part of our societal model, and the economy would suffer if we could not rely on this. At the same time, many find themselves in challenging financial situations or simply forget to pay. Kredinor aims to contribute to healthy economic conditions in business, ensuring that our clients are paid while always keeping the best interest of the customers in mind.
At Kredinor, we govern according to the ESG criteria (Environmental, Social and Governance), like many other large enterprises. What is unique about our sustainability strategy is that we allocate most resources to contribute to social sustainability. That is where we can have the most impact and achieve the best results.
“We help you make it” is our vision, and Kredinor’s goal is to become the most sustainable actor in the industry. We have a particularly large social responsibility through our contact with one million customers each year. We continuously update the knowledge of our employees so that they are best equipped to help customers towards a sustainable, economic everyday life.
We are a member of the world’s largest sustainability network – UN Global Compact
Kredinor is a member of the UN Global Compact Norway, the world’s largest corporate initiative for sustainability and business. The membership provides us with a robust systematic framework for ongoing sustainability efforts. The principles upheld by the network encompass human rights, labor, the environment, and anti-corruption. Our goal is to find sustainable solutions that are beneficial for the planet, the people, and create value. This membership is a cornerstone in our continued work towards sustainability in Kredinor.
As a member of the UN Global Compact, we commit to the ten principles of responsible business conduct, and the actions we prioritize within the UN Sustainable Development Goals.
The Eco-Lighthouse
The Eco-Lighthouse Foundation was established in 2003 to assist businesses in succeeding in a green transition and to contribute to achieving several of the UN Sustainable Development Goals. Kredinor has proudly been a certified Eco-Lighthouse since 2013, and we were recertified for three more years on November 20, 2023. As an Eco-Lighthouse, we are committed to contributing to environmental improvements within energy usage, procurement, transportation, workplace environment, and waste management. Additionally, we take responsibility for the external environment; all operations at Kredinor are conducted in leased offices, and IT equipment no longer in use is delivered to a company for sustainable disposal.
Guide Against Greenwashing
On one hand, our purpose is to recover missing income for our clients. On the other hand, we must display consideration for their customers who may be facing financial difficulties. In Kredinor, we shall go the extra mile and demonstrate genuine care in our debt collection activities. With our signature on the Guide Against Greenwashing, Kredinor commits to being specific and clear about our sustainability initiatives, and transparent about our own impact in all marketing and communication efforts – and we will annually report on the results we achieve in this work.
Saving the environment through digital communications
Kredinor has taken significant steps in digitalisation and robotisation in recent years, with continuous development. For instance, we have digitalised more than 11,4 million paper invoices in 2021 and 2022, this has a substansial environmental benefit through reduced paper consumption, equivalent to over 1000 trees* annually. Additionally, we reduce environmental impact by eliminating other factors such as envelopes, printing, transportation/shipping, and human resources at all levels.
We continuously develop and modernise all our digital channels, benefiting both our clients and their customers. This will further reduce environmental impact in the years to come.
*The estimate of over 1000 saved tree is based on the assumption of getting 10,000 sheets of paper per tree. The figures are based in Printgreener and Ribble, which operate with 8,000 and 10,000 sheets of paper per tree, respectively.
Sustainable knowledge
Smartbetaler
Our vision is to work towards a healthy financial environment in our society, which starts with preventing payment problems and debt collection. One of the ways we actively work towards this is through the educational concept “Smartbetaler” – a free offer of guest lectures to high school classes. The goal of Smartbetaler is to increase awareness of youth’s personal finance, how young people can develop good payment habits, and become smart consumers. This way, they will learn to balance their finances and avoid debt collection.
Skolemeny.no
A network organized by Finance Norway that offers free education in personal finance to primary and secondary schools in Norway. With approximately 55 participants, Kredinor is the only debt collection company engaged in this network. The network meets regularly throughout the year to share experiences from their perspectives and discuss possible communication measures to increase awareness of the offer to schools.
Smartbetaler by Kredinor is offered through this network.
Kompetanseweb
Kredinor has always taken corporate responsibility through extensive offers of debt collection lectures. We host webinars alongside our seminars throughout the year, and our latest offering is a cost-free e-learning platform known as Kredinor Kompetanseweb. Our clients have access to this platform around the clock. By increasing knowledge in areas such as credit, payment follow-up, billing, and debt collection, we develop a solid foundation for healthy financial conditions for Norwegian businesses.
Sustainable clients
Kredinor’s core business is to ensure that our clients recover what their customers owe, while keeping their customers satisfied without incurring unnecessary extra costs. This contributes to long-term relationships for all parties involved and reduces the risk of customer churn, damaged customer relationships, and financial losses. Another benefit is that Kredinor’s initiatives for social sustainability can contribute to making the debt collection for our clients more socially just. Our clients can become more sustainable through Kredinor.
Sustainability for suppliers and employees
Kredinor requires adherence to our Code of Conduct for all suppliers. By adopting our CoC, they confirm that they meet international requirements for compliance with human rights and decent working conditions in their own company, and that they also impose the same requirements on their suppliers. Additionally, it sets requirements for environmental work, social standards, ethics, and anti-corruption, as well as demands for diversity, non-discrimination, health, safety, and privacy.
Our commitments to the UN Sustainable Development Goals
In Kredinor, we have incorporated three of the UN Sustainable Development Goals into our business strategy. The common denominator for the three is their focus on social responsibility. There three goals are closely aligned with our daily operations, allowing us to more effectively integrate them into our business. This results in better outcomes for individuals and society as a whole.
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| We will ensure that our payment advice are accessible for all. | We will treat our customers fairly and equally. | We will reduce waste generation through prevention, reduction, recycling and reuse. |
| We will work towards higher levels of economic productivity through technological upgrading and innovation. | We will ensure equal access to our financial training programs for all. | We will be compliant with laws and regulations, adopt sustainable practices and integrate sustainability information into our reporting cycle. |
| We will deliver our services as efficiently as possible to ensure our clients economic growth. | We will not add unnecessarily to our customer's burden. Particularly those with little or no income/assets. | We will not have suppliers, partners and clients that are not transparent and work on fundamental human rights and decent working conditions. |
| We will provide full and productive employment and decent work for all our employees. This includes equal pay for work of equal value. | We will promote the social, economic and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other status. | We will include enviromental risk factors when pricing and purchasing debt portfolios. |
| We will protect labor rights and promote safe and secure work environments for all our employees. | We will ensure equal opportunity for all our employees. This includes ensuring women's full and effective participation and equal opportunities for leadership at all levels. |