Nova Credit is a consumer-permissioned credit bureau that bridges global credit data to help businesses make fairer, more informed decisions on applicants with limited or no domestic credit history. Nova Credit specializes in cross-border credit verification, enabling immigrants and newcomers to use their foreign credit histories when applying for financial products in a new country.
Nova Credit offers two main products: Credit Passport® and Cash Atlas™. Credit Passport® provides businesses with access to cross-border credit bureau data, allowing them to underwrite new-to-country applicants who otherwise have "thin" or no credit files in the local market. Cash Atlas™ delivers greater insight into applicants’ cash flows, enhancing income verification and providing a more accurate picture of their financial situation compared to traditional alternatives. These solutions help businesses approve more qualified applicants without increasing risk, while empowering consumers to present a fuller picture of their creditworthiness.
Nova Credit’s data sources and proprietary analytics are used by leading organizations, including American Express, Verizon, HSBC, SoFi, and Yardi. The company is backed by prominent investors such as Kleiner Perkins, General Catalyst, Index Ventures, and Canapi, as well as executives from major financial institutions like Goldman Sachs, JPMorgan, and Citi.
What technology enables Nova Credit?
Nova Credit’s platform is built on proprietary data integrations with international credit bureaus and alternative data sources. By leveraging consumer-permissioned data, Nova Credit securely retrieves and standardizes global credit information, translating it into a format that U.S. and international lenders can use for decision-making. Their analytics layer interprets varying credit data standards and enables real-time, compliant underwriting processes for cross-border applicants.
Who uses Nova Credit?
Nova Credit primarily serves financial institutions, telecom providers, and property managers looking to expand their customer base to include immigrants and international applicants. Notable clients include:
- American Express
- Verizon
- HSBC
- SoFi
- Yardi
These organizations use Nova Credit’s solutions to underwrite newcomers for credit cards, loans, phone plans, and rental applications.
Who are Nova Credit’s competitors?
Nova Credit operates in the fintech and credit data space, focusing on cross-border credit verification and alternative data analytics. Key competitors and comparable platforms include:
- Verified Credentials: Offers international credit verification services but lacks Nova Credit’s cross-border integration and analytics depth.
- Nium: Provides account verification and cross-border payment solutions, with a focus on instant account verification rather than comprehensive credit data.
- Mastercard Cross-Border Services: Facilitates secure cross-border payments and verification for businesses, though it is primarily focused on payments rather than credit underwriting.
Nova Credit differentiates itself by specializing in consumer-permissioned, cross-border credit data and analytics designed specifically for underwriting and risk assessment.
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