It used to be that a newcomer to the United States couldn’t “bring” their credit report or credit score with them. Even for someone with extensive credit in their home country, a recent arrival would have to take on the onerous (not to mention time-consuming) task of building her US credit history from scratch.
Of course, the only way to build a credit history in the US is to get approved for credit, which can seem nearly impossible for someone who’s just moved. Not having credit is especially daunting when you’re trying to get settled with an apartment or a car lease or a credit card, and this can be compounded by not yet having a social security number. In practice, people who move across borders often end up having to get secured or other credit products geared towards those building or rebuilding credit.
The underlying issue is banks and credit bureaus don't have the technology to accommodate different credit scoring and credit monitoring models, or credit systems from around the world.
Transferring your global credit to the U.S.
Here’s the good news: recent innovations in financial technology and compliance make the process of establishing yourself in the States much less difficult than it used to be. Nova Credit’s technology connects to the top global consumer credit bureaus internationally to bring your credit to the U.S. We call this the Credit Passport®.
Essentially we move credit reports from countries like Mexico, India, Australia and others into equivalent reports for U.S. lenders. That way, you can use your international credit file to apply for U.S. loans, apartments, and more. Effectively, Nova Credit serves as an enabler to “yes”, and lenders are able to serve a new customer segment - you!
How to apply for credit products using Nova Credit
Nova Credit's partners accept foreign credit histories and incorporate Nova Credit directly into their application process. Interacting with Nova Credit’s technology is simple. Within the application, you will simply be directed to NovaConnect, an interface where you can communicate with the credit bureau from your prior home country. We will then locate, translate, and transfer your international credit data to businesses to get you the credit you’ve earned.
You can also join our waitlist to get notified about our growing list of partners and other offerings geared towards newcomers to the U.S. (spoiler: it's going live in Spring 2019!).