Nova Credit is a cross-border credit bureau, helping immigrants translate their international credit history into a US equivalent score and report.
The company currently supports immigrants from 13 countries, including India, Canada, the UK, and Mexico.
Nova Credit operates as a consumer reporting agency under the Fair Credit Reporting Act (FCRA) in the US, gathering consumer-permissioned data through integrations with international credit bureaus and domestic checking and savings account data aggregators.
Nova Credit offers a free service for consumers and has received recognition as one of Fast Company's Most Innovative Companies in 2023.
Nova Credit's Credit Passport tool translates international credit histories into local-equivalent credit scores.
In addition to income verification, Nova Credit provides other services, such as helping immigrants build credit history in the US.
There have been reported cases of scam texts related to Nova Credit, where users received phishing attempts mimicking bank messages asking for account information.
Nova Credit has a Trustpilot rating of 4.1, with generally positive reviews from over 134 customers, as of April 2024.
Nova Credit's partnerships enable immigrants to apply for financial products, such as credit cards and loans, with their international credit history considered.
In 2024, Nova Credit launched a new feature to help immigrants pre-qualify for financial products even before they arrive in the US.
Nova Credit's algorithm assesses data beyond credit history, including payment history for bills like utilities and rent, to create a more comprehensive credit profile for immigrants.
Some landlords and property management companies partner with Nova Credit to streamline the rental application process for immigrants, using their international credit history as part of the evaluation.