Nova Credit, the premier cross-border consumer credit bureau, has announced the launch of Ellis, a financial marketplace that allows newcomers to the U.S. to apply for credit cards with confidence based on their international credit report.
With just a few clicks, newcomers from select countries including Australia and India can access their international credit report, translate it into a U.S.-equivalent rating, and explore their eligibility for products and compare different options. Ellis will expand to new countries including Brazil, Canada and South Korea in the near future.
Most newcomers to the U.S. are rendered “credit invisible” upon arrival because American underwriters can’t access their international credit data. Nova Credit helps address this problem by connecting lenders using the company’s Credit Passport®, a credit report for enterprises that contains a U.S.-equivalent score, tradelines, and inquiry history. Consumers can now easily search for products that use Credit Passport® through Ellis.
“Despite working hard to build their credit abroad, millions of newcomers each year struggle to gain access to the products and services they need to start a new life in the U.S. Our new product, named after Ellis Island, the historic gateway to America, helps newcomers access financial products with confidence and lenders access a highly creditworthy, yet underserved population,” said Nova Credit co-founder and CEO, Misha Esipov.
Ellis is a one-stop-shop for newcomer financial products. After locating and translating the international credit report to a U.S.-equivalent credit score, it enables users to find newcomer-friendly cards that accept international credit history and do not require a Social Security Number. Ellis also features reviews and expert articles on managing credit to help newcomers apply for cards with more confidence about approval odds. “Newcomers may account for 55% of U.S. population growth today, but still find it challenging to identify products and services that meet their needs. Ellis helps alleviate the stress of navigating finances after moving internationally and enables our partners to reach this audience with their offerings,” said Nova Credit Head of Product Melanie Aliperti. “Ellis is a win-win: lenders can access a diverse population and consumers can browse newcomer-friendly products and services they may be eligible for.”
Nova Credit offers consumers from select countries free access to their international credit report and translates it into a U.S.-equivalent that it shares with lenders via its enterprise product, the Credit Passport ®. The company partners with industry leaders like American Express and First Advantage as well as fast-growing financial technology companies like MPower Financing to champion financial inclusion.