Mitek, a provider of identity verification software solutions, has partnered with Nova Credit, a cross-border consumer credit reporting startup, to help immigrants in the US use their international credit to establish a US credit history.
Recent data released by the Pew Research Center shows that non-US born residents make up almost 14%of America’s current population, while there are almost 15 million temporary or permanent legal residents currently in the country. These individuals are over-represented amongst the ’credit invisible’ population, and they face issues accessing products and services in the US despite often having a well-established financial history in their previous country of residence.
Nova Credit partners with credit bureaus and data partners around the world to deliver international credit and bank transaction data to lenders in the US, translating this data into a US-equivalent credit score. Through its Credit Passport, Nova Credit accelerates the integration of these consumers into the US financial system. In the past, it would have taken approximately five years to build home country-equivalent credit history for consumers new to the US.
By integrating Mitek’s Mobile Verify identity verification technology into its system, Nova Credit now also allows lenders to identify and mitigate risk to comply with current US KYC regulations. Using the Nova Credit mobile-first system with Mobile Verify, an applicant can verify their identity on their smartphone by submitting a photo of their government-issued ID and selfie, and lenders can analyse these submissions to prevent fraud.
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