An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
American Express Expands Partnership with Nova Credit to Help Extend Credit to More Newcomers to the U.S.
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Positive)
Tags
partnership
Rhea-AI Summary
American Express (NYSE: AXP) has expanded its partnership with Nova Credit to enhance credit access for immigrants from Brazil, Dominican Republic, Kenya, and Nigeria. This initiative allows newcomers to utilize their international credit history to apply for American Express cards and establish a U.S. credit history. The Credit Passport® technology integrates international credit records into the U.S. application process. Launched in 2019, this service is now available for immigrants from nine countries, aiming to support financial inclusion.
Positive
Expansion of credit access to immigrants from Brazil, Dominican Republic, Kenya, and Nigeria.
Utilization of international credit history through Credit Passport® facilitates U.S. credit applications.
Partnership with Nova Credit enhances financial inclusion for underrepresented groups.
Negative
None.
SAN FRANCISCO--(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.”
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.
What recent news involves American Express and Nova Credit?
American Express expanded its partnership with Nova Credit to help immigrants from Brazil, Dominican Republic, Kenya, and Nigeria access credit in the U.S.
How does the Credit Passport® work with American Express?
The Credit Passport® allows immigrants to convert their international credit history into a U.S.-equivalent credit report for American Express card applications.
Which countries are included in American Express's new credit access initiative?
The initiative currently supports immigrants from Brazil, Dominican Republic, Kenya, and Nigeria, alongside existing support from Australia, Canada, India, Mexico, and the United Kingdom.
What is the significance of American Express's expansion into new countries for credit access?
This expansion aims to alleviate barriers for immigrants seeking credit in the U.S., ultimately promoting financial inclusion.
