American Express, Nova Credit Expands Credit Opportunities to More New Entrants to the United States


Today, newcomers to the United States from four countries in Africa, Central and South America will have the financial opportunity to pursue their American dreams by building their credit in the United States.

American Express, in partnership with cross-border financial technology company Nova Credit, today announced that it has expanded access to credit for immigrants from Brazil, Dominican Republic, Kenya and Nigeria with the platform Global Credit Passport Scoring and Credit Report, allowing newly arrived immigrants to the United States from these countries to use their credit history to immediately apply for personal American Express cards and begin building a credit history in America.

How it works

Credit Passport makes it easy to translate a newcomer’s credit history into a U.S. credit report and score, which American Express can use to make decisions when processing their application and assigning a line. credit. Individuals applying for an American Express card can authorize Nova Credit to translate raw data from their international credit bureau into an equivalent credit report in the United States.

Much like a US credit report, Credit Passport generates a credit score, business lines, and history of inquiries. The information is then shared with American Express where it is used as an additional data point in their underwriting model to make an instant decision on the person’s creditworthiness. If approved, American Express will share its 15-digit instant card number, so people can start shopping online or wherever digital wallets are accepted, before their card even arrives in the mail. according to the company.

“When we decide whether to approve or deny an applicant for an American Express card product, we take into account many factors, such as the applicant’s credit rating, payment defaults, and payment defaults from their credit report. credit, debts to other lenders, our experience with them as a former / current American Express customer (if applicable), fraud review and other eligibility requirements, ”said Sara Milsten, Senior Vice President the acquisition of new members, American Customer Service at American Express. “In our experience, on average, these cardholders have excellent credit scores between premium and premium plus,” Milsten told ZDNet.

New opportunities for newcomers

Launched in 2019, Credit Passport has already helped newcomers to the United States from Australia, Canada, India, Mexico and the United Kingdom. Today’s announcement brings the total number of countries served by Credit Passport to nine.

Milsten noted that building a financial credit history is a great source of frustration for many newcomers and can prevent them from renting a house, buying a phone or car, and even getting a card. credit. “We are removing a barrier for millions of people who have been otherwise excluded from the US financial system,” Milstead said. “This expanded partnership between American Express and Nova Credit is the cornerstone of our commitment as one of the first companies in the credit card issuance industry to address this issue in a meaningful way,” she said. added.

American Express said it plans to expand its services to more countries in 2022, but did not name the countries.

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