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 Nova Credit Passport™ through its secure API. The Nova 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 Nova Credit Passports™ reports from Mexico and India
  • 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

View a Sample Nova Credit Passport Report

The Nova Credit Passport™ provides classic credit bureau data: tradelines, payment history, inquiries, and a credit score.
Whenever available, Nova returns a Nova Score, which is a U.S. equivalent credit score. The "riskiness" of that score is indicated in the top of the report and is mapped to the U.S. equivalent risk categories that you know. The Nova Score indicates the probability of default on the account, based on past performance, scaled to the standard U.S. 300-850 range.
Nova also provides the underlying score, which is 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 provided merely for your reference.

 View a Sample Nova Credit Report from India 

 View a Sample Nova Credit Report from Mexico 

 How to Read a Nova Credit Report 

Why consider Nova 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

Is Nova a "consumer reporting agency" like TransUnion, Experian, and Equifax?

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.

Which country reports are available?

Currently available through CBA's partnership with Nova are reports from Mexico and India.
Nova Credit Inc. also offers access to reports from Canada, U.K., Australia and China, with a continuously expanding list.

What is the price for this service?

Reports are discounted to $9 a piece (for those reports that come back with information). The intention is that the report is a one-time expense; consumers will hopefully build credit locally upon initial access.
This set-up fee is currently waived. Note that this could change at any time and you should refer to your contract for exact details.

How frequently do you get a full report when ordered?

Current estimates are about 80% of inquiries return a full credit report. This may vary by country and some demographic categories.

How long does it take to access a Nova Credit Passport™ report?

The initial credentialing process typically takes three weeks. CBA will support members in this process. Organizational documents required include a copy of the 501(c)3 certificate and lending license.
Once credentialed, in seconds. Nova Credit Passports™ are available in real-time (instantly) once a consumer has been found and authenticated in the overseas bureau database.

Who uses Nova Credit Passport™ reports today?

Nova Credit has a wide range of customers, including leading financial institutions providing student loans, personal unsecured loans, point-of-sale financing, and other forms of credit. Nova Credit also works with leading property managers and tenant screeners to facilitate apartment rentals and housing arrangements for consumers with overseas credit history.
Among CBA members, those in states with many recent (3 or 4 years) immigrants may find the report a great entry point for lending.

I'm unfamiliar with overseas credit reports. How will I understand credit files provided by Nova?

You will receive the Nova Credit Passport™ file, which is a single, standard format that is the same as U.S. credit bureau file formats. The reports are formatted identically no matter from which country the data originates.

Are we expected to share our customers' Personally Identifiable Information (PII) with Nova?

Nova doesn't store or track your applicant's PII. Unlike the usual process where your staff enter the borrower's information to request a credit report, the applicant will enter their information into Nova's platform to the bureaus from their country of origin and may need to answer questions about their history to confirm their identity (similar to the US-based free annual credit report sites). So the PII doesn't actually go to Nova, just the home country bureau.

Get Started Today!

Contact CBA's membership team to discuss specifics around eligibility and pricing or if you have additional questions. 

Contact CBA