Nova Credit is the premier cross-border bureau. Lack of a domestic credit history keeps millions of immigrants in the United States from realizing their dreams. The award-winning fintech helps newcomers and other global citizens apply for financial services using their international credit history from countries including Australia, Brazil, Canada, India, Mexico, Nigeria, South Korea, and the UK. We translate international credit data into a U.S.-equivalent score and report in a format familiar to American underwriters, who use it to evaluate applications for credit products. Founded by immigrants, we have a diverse team from around the globe who are creating a world beyond borders to help newcomers arrive and thrive.
We strive to enable the flow of humans not just for their economic potential, but because of the value of that movement itself in bringing new perspectives, creativity, community, and innovation. For Nova Credit, we are here to dream up a world beyond borders and our mission is to inspire and facilitate the flow of human diversity.
The modern world as we know it has been created through the movement and collaboration of humans. Across changing borders, regions, and cultures, a continuous cycle of human migration and settlement is what defines us as different nations, composes our family histories, and shapes our personal stories.
All newcomers to the U.S. are rendered "credit invisible" upon arrival because American underwriters can't access international credit data. Even if they have a good credit rating at their prior home countries, recent immigrants often struggle to accomplish the most basic tasks such as getting an apartment lease, a cell phone plan, a credit card, or student loans.
Before Nova Credit translated international credit data to a U.S.-equivalent score, all newcomers had to build their U.S. credit history back to its previous levels from scratch, which can take as long as five years.
Nova Credit’s core innovation is a U.S.-equivalent global credit scoring and reporting format, the Credit Passport®. Similar to a U.S. credit report, it contains a FICO-equivalent score, tradelines and inquiry history, allowing consumers who have recently arrived in the U.S. to attempt to demonstrate their creditworthiness to lenders. Partners like American Express, MPOWER Financing and Yardi can seamlessly underwrite qualifying newcomers without a U.S. credit score using Nova Credit. The solution requires consumer consent.
For most countries, Nova Credit aligns the country-of-origin credit score to U.S. credit risk levels by matching the default rates. For example, a score of 1050 in the originating country that represents a default rate of 3% might equate to a score of 710 at the same default rate in the U.S. In that case the consumer’s score is adjusted to 710 for U.S. underwriting purposes.
The product can be used by any newcomer to the U.S. who wishes to authorize the sharing of their credit history from their home country to a U.S. lender who accepts Nova Credit's translated scores. If Nova Credit can find a file in the database of one of its foreign credit bureau partners, the credit report is transferred to the lender.
Nova Credit currently partners with credit bureaus in Australia, Brazil, Canada, India, Mexico, Nigeria, South Korea, and the UK. In the near future, the company plans to expand to China, Jamaica, and Kenya.
We work with credit card companies, lenders and other credit product providers. American Express is our key partner in the payments industry. Newcomers can also apply for a student loan via MPOWER Financing and rent an apartment through landlords who use tenant screening platforms like Yardi, Intellirent, or First Advantage via our platform. UNFCU members can also use Nova Credit to apply for credit cards and personal loans. We're also currently piloting a partnership with a major U.S. cell phone company in selected cities across the United States.
Nova Credit's workforce embodies our mission to inspire and facilitate the flow of human diversity. As of late 2019, 71% of our workforce is composed of immigrants to the U.S., with 41% identifying as first-generation, nearly all of whom speak English as a second language. Just under half of our employees are female. The company is 44% non-white, with 29% Asian and 15% black and Latinx employees.