It can take years for New Americans to attain the same credit score that was achieved in their country of origin, which is why Nova Credit is creating a "credit passport" that would allow people to transfer their credit from country to country.
The company has spent two years researching and contacting credit companies in 15 countries around the world, devising a more universal credit system that would enable new comers to maintain their credit score. With this system, individuals would have a better chance at receiving a loan, and subsequently, a better start at a new life in a new country.
Nova Credit's system would provide all entering America with the same financial opportunities as those around them.
Universal Credit-Transfer Systems
Nova Credit is Helping New Americans Keep Their Credit Scores
Trend Themes
1. Credit Passport - Creating a universal credit-transfer system for New Americans to transfer their credit scores from their country of origin to their new country.
2. Global Credit System - Developing a more universal credit system that can be used across different countries to maintain credit scores for individuals.
3. Financial Inclusion - Promoting financial inclusion by providing new comers with the same financial opportunities as the existing population.
Industry Implications
1. Fintech - Disruptive innovation opportunity: Developing technology solutions that enable and facilitate the creation of a global credit system.
2. Immigration Services - Disruptive innovation opportunity: Incorporating credit passport services into immigration services to facilitate the credit transfer process for New Americans.
3. Banking and Lending - Disruptive innovation opportunity: Developing loan products and services specifically tailored to the needs of New Americans with transferred credit scores.