Product Overview of Nova Credit
Nova Credit is a pioneering cross-border credit bureau designed to bridge the gap between international credit histories and the U.S. financial system, enabling newcomers to the United States to leverage their foreign credit data to access various financial products and services.
What Nova Credit Does
Nova Credit helps immigrants and newcomers to the U.S. translate their international credit history into a U.S.-equivalent credit score. This process, facilitated through their proprietary program called Credit Passport®, allows lenders to evaluate the creditworthiness of individuals who would otherwise be considered “credit invisibles” due to the lack of a U.S. credit history.
Key Features and Functionality
Credit Passport®
Nova Credit’s Credit Passport® translates credit data from the user’s country of origin into a format that U.S. lenders can understand. This allows newcomers to apply for credit cards, auto loans, phone plans, and international student loans without having to start from scratch in building their U.S. credit history.
Partnerships and Financial Products
Nova Credit partners with several major financial institutions and service providers, including American Express, Verizon, Westlake, CarZing, MPOWER, and Prodigy Finance. These partnerships enable users to access credit cards, phone plans with 0% interest financing, auto loans, and international student loans.
Alternative Credit Data Platform
The Nova Credit Platform is a comprehensive tool for lenders, offering multi-source data onboarding, embedded analytics, and various deployment options such as no-code solutions and direct API integrations. This platform supports products like Cash Atlas™, Income Navigator, and Credit Passport, providing reliable and efficient credit assessments.
Cash Atlas™
This feature improves credit risk assessment by using bank transaction data, offering a more nuanced view of a consumer’s financial behavior.
Income Navigator
Income Navigator automates income verification, reducing fraud and increasing the completion rate and coverage of income verification processes.
Open Banking and Real-Time Data
Nova Credit leverages open banking to access real-time financial data, enabling businesses to make decisions based on the most up-to-date information available. This approach also provides consumers with greater transparency and control over their financial data.
Compliance and Security
Nova Credit operates under the Fair Credit Reporting Act (FCRA) in the U.S. and ensures compliance with consumer reporting agency standards. The platform integrates data from international credit bureaus, bank data aggregators, and payroll systems, while managing disputes and ensuring the security of consumer-permissioned data.
Global Accessibility
Although currently limited to immigrants from 13 countries (Australia, Brazil, Canada, the Dominican Republic, India, Kenya, Mexico, Nigeria, the Philippines, South Korea, Spain, Switzerland, and the United Kingdom), Nova Credit’s services are expanding to address the needs of a broader global audience.
Benefits
- Free to Use: Nova Credit’s services are free for users, with the company generating revenue through commissions from its partners.
- Comprehensive Credit View: By integrating data from multiple sources, Nova Credit provides a more comprehensive view of a consumer’s creditworthiness, improving credit access for individuals with limited or no U.S. credit history.
- Speed and Efficiency: The platform enables quick and efficient credit assessments, allowing lenders to make decisions almost instantly once permission is granted.
Overall, Nova Credit revolutionizes the way credit data is accessed and utilized, making it easier for newcomers to the U.S. to integrate into the financial system and for businesses to make informed lending decisions.