American Express and Nova Credit Launch Industry-First Integration to Help Extend Credit to More Newcomers to the U.S.
October 25 2019 - 9:00AM
Business Wire
Through Digital Delivery of Credit Reports From
Bureaus in Select Countries, American Express Can Use International
Data to Evaluate and Approve Instantly
American Express has teamed up with
Nova Credit, a cross-border credit reporting startup, on a
first-of-its-kind digital capability that offers prospective Card
Members the ability to share their international credit reports
with American Express when applying for an American Express U.S.
Personal Card. At this time, the feature can access credit reports
from Australia, Canada, India, Mexico and the United Kingdom, and
will be made available in more countries over time.
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American Express is the first payments company to offer
immigrants and expats to the U.S. from these countries the ability
to use Nova Credit’s Credit Passport® technology, which enables
credit records from certain international credit reporting agencies
to be instantly translated into a U.S.-equivalent credit report and
score during the online Card application process. Previously,
credit history has stopped at the border, preventing many people
who move to the U.S. from being able to obtain consumer credit.
“We want to help remove a barrier for millions of people who’ve
been otherwise ignored by the U.S. financial system,” said Sara
Milsten, Senior Vice President, New Member Acquisition, U.S.
Consumer Services at American Express. “Thanks to Nova Credit’s
Credit Passport®, we can offer newcomers from five international
countries the ability to share their credit history with us --
making it possible for American Express to extend credit to more
people.”
With just a few clicks, applicants
for a U.S. Personal Card can authorize Nova Credit to translate
their raw international credit bureau data into a U.S.- equivalent
credit report to be shared with American Express. The credit report
is used as an additional data point in American Express’
best-in-class underwriting model to make an instant decision about
an applicant’s creditworthiness. If approved and eligible*,
American Express will provide their 15-digit Instant Card Number to
them, so new Card Members can immediately start shopping online or
where digital wallets are accepted even before their Card arrives
in the mail.
“We believe that no matter where you build a credit history, you
should be able to keep it,” said Sarah Davies, Head of Risk &
Analytics at Nova Credit. “By translating international credit
records from top bureaus around the world into a U.S.-equivalent
score and enabling newcomers to share their credit history with
U.S. underwriters like American Express, we are helping people who
move to the U.S. to arrive and thrive.”
With the current U.S. financial system, it can take newcomers to
the U.S. up to five years to build a credit history in the U.S.
that is equivalent to what they had in their prior country of
residence. By using Nova Credit’s proprietary technology, American
Express can make faster, more-informed decisions when processing
applications, so more people can start building credit in the
U.S.
For more information, visit
www.americanexpress.com/newcomers
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.
Key links to products, services and corporate responsibility
information: charge and credit cards, business credit cards, travel
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InAuth, corporate card, business travel, and corporate
responsibility.
ABOUT NOVA CREDIT
Nova Credit is the premier cross-border credit reporting agency.
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. Nova Credit translates
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,
the firm has a diverse team from around the globe who are creating
a world beyond borders to help newcomers arrive and thrive. Learn
more at www.novacredit.com.
*Instant Card Number eligibility is based on our ability to
instantly validate your identity. If you are eligible for Instant
Card Number, you will receive an Instant Card Number that you can
use virtually anywhere American Express is accepted and a physical
Card will not be required. You may not have access to your full
credit line to use anywhere the Card is accepted until after you
confirm receipt of your physical Card. We will mail your card in
3-5 business days of account approval.
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version on businesswire.com: https://www.businesswire.com/news/home/20191025005021/en/
AMERICAN EXPRESS Ashley Tufts 212-640-3193
Ashley.Tufts@aexp.com
NOVA CREDIT Stephanie Losee 415-710-1971
Stephanie@NovaCredit.com
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