Study Abroad: Tips & Updates

How Does Nova Credit Help Immigrants Build Credit History?

Tumul Buch

Credit card rejection is one of the most typical problems an immigrant faces when in the US. Be it the lack of credit history or the inaccessible international credit data, American underwriters do not allow immigrants to accomplish even simple tasks. There have been instances, wherein immigrants are exempted from getting cell phone plans, credit cards, or even leasing an apartment because of their “invisible” credit. Meaning, while you have credit in your home country, it does not get automatically transferred to the US. And therefore, you become “credit invisible”. 

A one-stop solution for this humongous problem faced by immigrants on a day-to-day basis is NOVA Credit. Nova Credit is a consumer-permissioned credit bureau that ties up with credit bureaus globally and institutions including American Express, Yardi, Verizon etc, to convert international credit history into US-equivalent scores. Let us dive deeper and understand how this fintech is aiding immigrants from across the globe!

Overview of Nova Credit

Nova credit is an innovative B2B fintech, which buys credit reports from foreign credit bureaus, further selling the credit data to numerous businesses in countries like the US, UK, Canada, etc. The core of Nova Credit lies in its reporting and scoring format. The report offers American underwriters with a FICO-Equivalent score to analyse the credit-worthiness of an immigrant in the US.

The business partners with credit card providers and companies like American Express thereby helping newcomers get access to premium credit card products that they were not able to get hold of before, due to their non-existent or invisible US credit. One of the most popular credit cards Nova Credit offers is the American Express Blue Cash Everyday.

Services Offered by Nova Credit

Let us now briefly take you through the services offered by Nova Credit:

  • Credit Cards: Nova Credit helps you get the most rewarding US credit card – American Express. American Express cards have personalised rewards, and best-in-class fraud protection. It helps you start building a US credit history from day 1.  You can apply for an American Express card through Nova Credits website.
  • Mobile Plans: Through Nova Credit, immigrants from numerous countries can get Verizon mobile plans and device financing at 0% interest rate. Verizon is one of the strongest telecom networks globally. Get your dream phone with a post-paid contract from Verizon through the Nova Credit website.
  • Student Loans: Nova Credit has partnered with MPOWER and Prodigy to help newcomers finance and refinance their high-interest student loans. MPOWER and Prodigy use Nova Credits services to understand your credit history better, which helps you get a lower interest rate. 

Nova Credit no doubt is a great innovation aiming to help the financially underserved. Not only does the Nova Credit help immigrants build credit worthiness in the US, it further creates a sense of trust with numerous American service providers.

Frequently Asked Questions about Nova Credit

Ques. Immigrants from which countries can access the Nova Credit?

Ans. Immigrants from a lot of countries including South Korea, India, Mexico, Canada, Australia, Brazil, Singapore, etc can use credit nova to build their credit score in the US. Nova Credit makes it possible for non-US citizen to get credit card.

Ques. Who are Nova Credit’s partners?

Ans. Some prominent partners include:

  • American Express
  • Verizon
  • MPOWER Finance
  • Prodigy
  • Westlake Financial
  • Yardi
  • SoFi
  • First Advantage
  • Jetty
  • Intellirent

Ques. When can I apply for Nova Credit?

Ans. It depends. For student loans, you can apply today! For credit cards, auto loans and mobile plans - you need to be in the US as some service providers need a US address.

Ques. Is Nova Credit free of cost?

Ans. YES, Nova Credit is free for all its customers.

Ques. What are some prerequisites to start with Nova Credit?

Ans. Some prerequisites are:

  • An credit score in your home country
  • US address proof
  • US bank account

Ques. What is a Credit Passport report?

Ans. A Credit Passport is a report containing all the information related to your credit history, transaction history, trade history, etc. US lenders use this to evaluate your creditworthiness to determine if you are eligible for a credit product.

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