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.
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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.