Credit Passport™ from Nova Credit
Nova Credit is the world's cross-border credit bureau. Nova compiles borrowers' overseas credit data and provides lenders with instant access to the Credit Passport™ through its secure API.
The Credit Passport™ contains standardized tradeline & inquiry data so that lenders can make consistent underwriting decisions no matter where the individual is from.
CBA has partnered with Nova Credit to provide access to international credit reports for CBA members. This partnership demonstrates a focus on a growing, yet underserved market - recent immigrants to the U.S. who tend to be credit invisible or with thin files. This opportunity offers another way to connect with more data for underwriting your clients.
Through the partnership between CBA and Nova Credit, CBA Members can now access:
- Discounted rates on the Credit Passport™ reports from Australia, Brazil, Canada, the Dominican Republic, India, Kenya, Mexico, Nigeria, South Korea, and the United Kingdom. More countries coming soon!
- Provides the confidence that underwriters seek for initial underwriting for those qualified to borrow but new to the U.S.
- Discounted report pricing
- Waived implementation and setup fees
- Implementation and credentialing support from CBA experts
- Dedicated product and customer support from Nova experts
Why consider using the Credit Passport™?
Immigrants in the U.S. struggle to access credit. Despite having built credit histories in their prior homes, they are forced to start from square one to demonstrate creditworthiness in the U.S.
Serving the immigrant market is an attractive lending opportunity:
- Growth: There are 42mm immigrants in the U.S. today. Of these, 7mm are recent immigrants with strong creditworthiness indicators (high incomes, educational attainment, etc.).
- Prime performance: While underserved, this group generally demonstrates lower default rates when they find products.
- Customer satisfaction: These customers are credit-active and underserved and so present a loyal customer base with many needs.
Frequently Asked Questions
Yes. The FCRA defines a "consumer reporting agency" as any person which engages in the practice of assembling or evaluating consumer credit information for the purpose of furnishing it to third parties.
One difference between Nova and "nationwide CRAs" (i.e. Equifax, Experian, TransUnion) is that Nova is a "reseller" that assembles and distributes information contained in the databases of other credit bureaus.