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News

HSBC UK partners with Nova Credit

Monday 18 September 2023 13:06 CET | News

HSBC UK has partnered with Nova Credit to offer newcomers in the UK the option to include international credit history when applying for a credit card.

With this partnership, newcomers to the UK are now able to leverage their international credit history right away and free of charge when applying for a credit card with HSBC UK.

New and existing customers applying for an HSBC UK credit card online can choose to share their credit history from a growing list of 12 countries. These countries are Australia, Brazil, Canada, the Dominican Republic, India, Kenya, Mexico, Nigeria, the Philippines, Spain, Switzerland, and the US. After HSBC Singapore, HSBC UK is the second HSBC entity to roll out Nova Credit’s technology.

Ways HSBC UK is helping customers with international needs: 

  • Simplified account opening: open a new account before they arrive at their destination, without visiting a physical branch. 

  • Access credit: leverage credit history built up overseas, using Nova Passport technology, to start a positive credit history in the UK on arrival. 

  • Simplified cross-border banking: view, manage, and transfer money between HSBC accounts in 26 markets in real-time and with no fees. Customers can also send and spend overseas fee-free with Global Money. 

  • Plan for the future: access financial planning tools and portfolio-based advice from experts to help make the most of their money in the UK and abroad. 

  • Global support: manage their banking needs in different time zones with round-the-clock support for key services. 

  • More than a bank account: access services with global partners beyond banking, such as tax solutions, special offers and relocation support as well as a UK SIM card on arrival.

HSBC UK has partnered with Nova Credit to offer newcomers in the UK the option to include international credit history when applying for a credit card.


UK immigration insights 

The UK immigrant population is one of the fastest-growing demographics. More than 10 million people living in the UK were born overseas and every year more than 800,000 people are given long-term visas to work or study. At present, 95% of the net population growth comes from immigration and is expected to grow to more than 100% by 2025.

Recent research commissioned by Nova Credit reveals the financial challenges of relocating to the UK: 

  • For two in three (66%) working-age immigrants in the UK, receiving credit products took longer than expected due to a lack of UK credit history. 

  • Over half (55%) feel they have been treated differently due to a lack of UK credit history, and only one in four (26%) have experienced fully online processes to access credit products and services.

More about the companies 

HSBC UK offers a range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for SMEs and large corporates. HSBC UK is a ring-fenced bank and wholly owned subsidiary of HSBC Holdings.

Based in the US, Nova Credit is a consumer-permissioned credit bureau whose products aim to help businesses make more fair and informed decisions on no credit history or new-to-country applicants. The Nova Passport seeks to unlock cross-border credit bureau data to help businesses underwrite new-to-country newcomer populations. Businesses partner with Nova Credit to approve more applicants without taking on more risk. 

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Keywords: partnership, credit card, credit scoring, credit access
Categories: Banking & Fintech
Companies: HSBC, Nova Credit
Countries: United Kingdom
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Banking & Fintech

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HSBC

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