Amex Expands Nova Credit, Marqeta Enters Credit and Risk in B2B Lending – Tearsheet
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Credit scores are more and more accessible thanks to fintech. The industry has seen a number of fintechs target underserved communities that have no credit history. And people coming from outside the United States can now migrate their credit rating through Nova Credit, which recently expanded its list of accepted countries in partnership with Amex.
Amex Expands Nova Credit Access to More Newcomers to the United States
Since credit history usually ends at the border, many people moving to the United States from overseas have to create consumer credit from scratch. Nova Credit wanted to solve this problem and created an alternative score to assess the creditworthiness of foreign residents based on credit data from their home country.
American Express has partnered with Nova Credit to expand access to credit to people coming to the United States. Launched in 2019, access was already available to newcomers from Australia, Canada, India, Mexico and the UK.
Now it is also available for people from Brazil, Dominican Republic, Kenya and Nigeria who have moved to the United States, allowing them to use their international credit history to apply for personal Amex cards using its credit passport.
The Credit Passport is integrated with the American Express online card application process, allowing applicants’ credit records from certain international credit reporting agencies to be instantly translated into a US equivalent credit report and score. United.
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