The Credit Passport, powered by Nova Credit, is seamlessly and securely integrated into the American Express online Card application process
American Express (NYSE: AXP) announced today, in partnership with Nova Credit, that it has expanded credit access to people from Brazil, Dominican Republic, Kenya and Nigeria who have moved to the United States. The growth of this first-of-its-kind digital capability enables newcomers from nine countries to use their international credit history to quickly and easily apply for personal American Express® Cards and begin building U.S. credit history, if approved.
Typically, credit history is stopped at the border, preventing many people who move to the U.S. from being able to obtain consumer credit. Nova Credit, a fintech unlocking opportunities for those historically excluded from the credit system, created The Credit Passport® to help companies better serve this underrepresented group.
The Credit Passport®, powered by Nova Credit, is seamlessly and securely integrated into the American Express online Card application process. It enables applicants’ credit records from certain international credit reporting agencies to be instantly translated into a U.S.-equivalent credit report and score in just a few clicks to help American Express make an application decision.
Launched in 2019, this industry-first integration already helps newcomers from Australia, Canada, India, Mexico and the United Kingdom to access their credit reports and has helped thousands of newcomers get approved for an American Express Card since then.
“Our work with American Express over the past two years has shown us the sheer impact access to financial services has on newcomers,” said Misha Esipov, co-founder and CEO of Nova Credit. “Nova Credit now has the ability to help even more newcomers experience financial success as they navigate the tumultuous process of immigration – supporting our ultimate mission for newcomers to arrive and thrive.”
“We’re excited our partnership with Nova Credit has helped to remove a roadblock to credit that expats and immigrants to the U.S. have historically faced,” said Sara Milsten, Senior Vice President, New Member Acquisition, U.S. Consumer Services at American Express. “Serving newcomers lets us back more people going places and deliver on our commitment to build financial confidence for everyone.”
Source: Company Press Release