Nova Credit partners with Alloy

The partnership will combine Alloy’s Identity Decisioning Platform and Nova Credit’s global credit infrastructure solutions to enable businesses to become more inclusive and serve more consumers across the credit spectrum, without increasing the risk of fraud.

There are more than 50 million Americans that are excluded from traditional credit. Some don’t use credit in conventional ways, while others are new to the country and forced to build their credit profile from scratch. Nova Credit helps the credit excluded gain access to mainstream credit while allowing financial institutions to expand their number of potential customers without added risk.

As a consumer-permissioned credit bureau, Nova Credit uses first-party data to paint a more accurate picture of financial identity to assist lenders in evaluating applicant profiles more fairly. Nova Credit offers this ability through two products, respectively Credit Passport and Cash Atlas.

With this partnership, Alloy is integrating Nova Credit’s products into the credit underwriting decisioning capabilities on its platform so lenders can have faster and easier access to credit risk data and analytics. This not only allows lenders to design and test credit decision policies in a configurable workflow, but also enables financial institutions to reach more consumers across the credit spectrum, including those that are excluded.