American Express Expands Partnership with Nova Credit to Help Extend Credit to More Newcomers to the U.S.
December 07 2021 - 9:00AM
Business Wire
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.”
The companies plan to extend services to more countries in 2022.
For more information, visit www.americanexpress.com/newcomers.
About Nova Credit
Nova Credit unlocks financial opportunities for those
historically excluded from the credit system. With an audacious
vision for stitching together the world's credit data into a single
network, Nova Credit started by serving the financial needs of
immigrants into the United States by enabling them to apply for
financial services using their international credit history from
more than 15 countries worldwide. The company has since expanded to
support those with insufficient history to gain access to credit
services. Nova Credit's real-time delivery of this reliable data
enables credit card issuers, lenders, property managers,
telecommunications companies and other service providers to
instantly serve immigrants faster and more fairly. Headquartered in
San Francisco and built on a mission to power a fair and inclusive
financial system for the world, the company was founded by
immigrants and is backed by leading investors including Kleiner
Perkins, General Catalyst and Sound Ventures. Learn more at
www.novacredit.com.
ABOUT AMERICAN EXPRESS
American Express is a globally integrated payments company,
providing customers with access to products, insights and
experiences that enrich lives and build business success. Learn
more at americanexpress.com and connect with us on
facebook.com/americanexpress, instagram.com/americanexpress,
linkedin.com/company/american-express, twitter.com/americanexpress,
and youtube.com/americanexpress.
Key links to products, services and corporate responsibility
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cards, prepaid cards, merchant services, Accertify, Kabbage, Resy,
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reports.
Source: American Express Company
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version on businesswire.com: https://www.businesswire.com/news/home/20211207005100/en/
Rachel Levy V2 Communications on behalf of Nova Credit
novacredit@v2comms.com
American Express Jacara Jenkins jacara.jenkins@aexp.com
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