CBA has partnered with Nova Credit to provide access to international credit report data for CBA members through its Credit Passport™ Report. This partnership demonstrates a focus on a growing, yet underserved market, recent immigrants to the U.S. who tend to be credit invisible or have thin files but who might have already built credit histories in another country.
How does a Credit Passport Report™ compare to reports pulled from Equifax, Experian, and TransUnion?
While Nova is considered a consumer reporting agency, they are a “reseller” that assembles and distributes information contained in databases of other credit bureaus rather than a company that collects its own information (the way the three major consumer bureaus do). Nova compiles borrowers' overseas credit data and provides lenders in a Credit Passport Report.
Does a Credit Passport Report use the same scoring models as reports from the consumer credit bureaus?
Whenever available, Nova returns a Nova Score. This score indicates the probability of default on the account, based on past performance, scaled to the standard U.S. 300-850 scoring ranges. Nova also provides the underlying score that was provided by the overseas bureau. The score appears underneath the Nova Score and is the starting point score that Nova translates to a U.S. equivalent. It is only provided as a reference point.