CRC Credit Bureau has partnered with Nova Credit, a cross-border credit reporting agency, to allow Nigerians relocating to the United States to use their international credit history to apply for credit products.
The deal will see creditworthy Nigerian newcomers have access to credit opportunities previously unavailable to them because of a lack of credit history in the U.S.
The new service “Nova Connect’ accesses data from CRC Credit Bureau, to enable Nigerians relocating to the U.S. to authorize the translation of their Nigerian credit history into a U.S.-equivalent credit score in a format familiar to American underwriters. Nigerian newcomers can then apply for financial products including credit cards, loans, and more.
Credit cards are more popular in the U.S. than in many other countries; the average American has four accounts. Today, only 10 percent of U.S. payments worth $25 or more are paid for in cash. With this new opportunity, immigrants from Nigeria don’t have to start from scratch and can start to benefit immediately from the credit history they built in their home country when they immigrate.
By using their international credit history to get a credit card or other products when they arrive, Nigerians can begin to build a U.S. Credit score. This opportunity does not benefit those with a poor credit history in Nigeria.
Nova Credit is a premier cross-border credit reporting agency. Lack of a domestic credit history keeps millions of immigrants in the United States from realizing their dreams. Nova Credit helps newcomers and other global citizens apply for financial services using their international credit history from countries including Australia, Brazil, Canada, India, Mexico, Nigeria, South Korea and the UK.
It translates international credit data into a U.S.-equivalent score and report in a format familiar to American underwriters, who use it to evaluate applications for credit products.