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How to Obtain Credit in the U.S.: Transferring Your Global Credit

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!).

Transfer Your Global Credit.

You can use your international credit report through Nova Credit to apply for credit cards, apartments, loans and more in the United States.

Launching Spring 2019.

JOIN WAITLIST

What happens once you get approved for your first U.S. credit

Typically, after you obtain your first U.S. credit line, you will start building a credit history at one or more of the three major U.S. bureaus:  Experian, Equifax and Transunion. All of Nova Credit's lending partners report credit performance  to at least one these credit bureaus.
Unfortunately, your global credit does not get reported directly into the U.S., and so building your U.S. credit history will still take some time.

What's included in your Credit Passport®?

You can see an example on our Product page. Your Credit Passport® typically contains your score translated to a U.S. equivalent range, credit card or loan performance information (e.g., monthly payment history), certain public records information, and other data entries. Our model is people-first, and based on consumer consent.  We only transfer your data when you ask us to, and we always offer you a copy of your data along the way via a secure link. Our goal is to empower you to build your own Credit Passport® that you use whenever you move.

We also make emails.

Nova helps you relocate to the U.S. with excellent guides and tips for you if you’re considering a move, or have recently arrived. Stay up-to-date, unsubscribe anytime.

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Transfer Your Global Credit.

Launching Spring 2019.

JOIN WAITLIST