With the launch of my monthly event, First Wednesdays, I was very excited to have the amazing Nova Credit on board as our launch partner! Nova Credit has long provided tips and tricks to America Josh and this was the perfect way to give them a chance to talk about what they do!
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So let’s start with the real basics.
Who is Nova Credit?
Nova Credit is a cross-border credit reporting agency that enables people who’ve just moved to the U.S. to use their credit history from abroad here in the States.
What does that mean and why does it matter to me?
Basically, Nova Credit realized that the lack of domestic credit history in the United States keeps millions of immigrants in North America from realizing their dreams. Not having a U.S. credit score or a credit history makes everything to do with moving just a little bit more difficult! In the States, credit is essential for everything from renting an apartment to securing a student loan, a car loan and getting a credit card. Without it, moving can be costly and expensive even for those who have a long track record of managing finances responsibly back home.
Enter, the award-winning fintech, Nova Credit, who help newcomers apply for select financial products and services using their international credit history from countries including Australia, Brazil, Canada, India, Mexico, South Korea, and the UK. If you’ve just moved, you can apply for products through Nova Credit partners like American Express and Credit Stacks, you can be (often instantly) approved for products that years ago would have been out of your reach.
“When I moved to the U.S, I thought I’d lost all the hard work I’d put into building my credit score back home in England. Nova Credit made sure that work wasn’t wasted. Through Nova importing my U.K credit history, I was able to instantly get approved for an American Express with a modest credit limit. In the twelve months since that first credit card, I have been able to build a good credit score, quickly. This has given me better interest rates, cards with great rewards benefits and a much easier time overall. Life in the U.S can be difficult when you have no credit history, and thanks to Nova I didn’t have to worry about that.”
– Phillip Green. From Liverpool, now residing in Chicago.
This all sounds great, but what do they actually do?
Nova Credit translates international credit data into a U.S.-equivalent score and a report in a format familiar to American banks and lenders, who can use it to evaluate your application for everyday products that might otherwise be out of your reach. One added benefit? If you acquire a product through a Nova Credit partner, you can instantly begin building your U.S. credit score in the process.
If you have a good record of managing your finances in another country, Nova Credit believes your hard work should be recognized. You built your credit, so you should keep it. Millions of people move each year and now, through Nova Credit, their credit history can too. They look at you from a global perspective and translate it to have a similar effect as having a local credit history.
Lovely, but how much does this all cost?
This is the best bit! This service is free for you, the consumer.
Nova Credit works with the other end of the deal; the credit card companies, the banks, and other financial institutions, in order to offer products to you that would normally only be for those with a long-established credit score and credit history.