April 5, 2023 -- Nova Credit, a consumer-permissioned credit bureau, and American Express, an integrated payments company, announced today U.S. Prospective Card Members that are immigrating to the U.S. from the Philippines will now have the ability to easily share their international credit report with American Express when applying for a personal American Express credit card. This news comes on the heels of the partnership’s latestcountry expansion to South Korea and Switzerland.
Nova Credit and American Express first began partnering on this industry-first integration in 2019, which enabled American Express to instantly translate consumer-permissioned credit records from select international credit reporting agencies into a U.S.-equivalent credit report and score, leveraging Nova Credit’s Credit Passport® solution. As a result, the partnership has helped qualified consumers from Australia, Brazil, Canada, the Dominican Republic, India, Kenya, Mexico, Nigeria, South Korea, Switzerland and the United Kingdom gain access to credit in the U.S. With the addition of the Philippines, American Express will be able to extend credit to more qualified customers.
According to the Migration Policy Institute, Filipinos are part of the top ten largest communities of newcomers to the U.S., making up 5% of the total U.S. immigrant population. By reaching these heavily represented immigrant communities, Nova Credit and American Express are enabling even more newcomers to use their international credit history to apply for personal American Express® credit cards and begin building U.S. credit history, if approved.
“Nova Credit has been a game changer when it comes to enabling applications and approvals from international newcomers to the U.S.,” said Lisa G Kalhans, SVP, New Member Acquisition, American Express. “The expansion of this partnership reaffirms our commitment to an inclusive credit ecosystem, and Nova Credit is a driving force behind that initiative.”
“Introducing another country expansion with American Express shows just how much of an impact our partnership is having on the immigrant communities we reach,” said Misha Esipov, co-founder and CEO of Nova Credit. “We look forward to continuing to extend this partnership to even more communities in need and hope even more new-to-country consumers look towards American Express as their lender of choice upon arrival.”
For more information, visit www.americanexpress.com/newcomers
About Nova Credit
Nova Credit is a consumer-permissioned credit bureau with two products that help businesses make more fair and informed decisions on millions of ‘thin file’, no credit history, or new-to-country applicants. The Credit Passport® unlocks cross-border credit bureau data to help businesses underwrite new-to-country newcomer populations. The Cash Atlas® provides greater insight into the cash flows of any applicant, including verifying their income with greater precision than alternatives. Businesses use these products to approve more applicants without taking on more risk, and consumers are empowered to put their best foot forward in their applications. The company’s differentiated data sources and proprietary analytics are used by leading organizations like American Express, Verizon, HSBC, SoFi, and Yardi. Nova Credit is backed by investors including Kleiner Perkins, General Catalyst, Index Ventures, and Canapi as well as executives from Goldman Sachs, JPMorgan, and Citi. Learn more at www.novacredit.com or reach out to firstname.lastname@example.org.
About American Express
American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.
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Rachel Levy, V2 Communications on behalf of Nova Credit | email@example.com
Jacob Wilson, American Express | Jacob.B.Wilson@aexp.com