How one startup aims to help ‘credit invisible’ foreign workers in the U.S.
For millions of immigrants and temporary foreign residents in the U.S., establishing a financial identity here can be complicated and expensive. Since credit reports don’t cross borders, an immigrant with an exceptional credit score in his home country may arrive in the U.S. as “credit invisible” — a status that may render him ineligible for loans or long-term housing.
“From getting a credit card, an auto loan, or getting a mortgage, all those use cases require a financial identity,“ said Misha Esipov, CEO of Nova Credit, a startup that’s developed a product called “Nova Credit Passport,” an alternative credit report that’s based on credit bureau data from other countries. The product launched last summer.
Nova Credit is an alternative score to assess foreign residents’ creditworthiness based on their home country credit data. It can also be used for Americans returning to the country after years working abroad. The company obtains the data through agreements with major foreign credit bureaus, a process that can only be initiated with the customer’s consent, Esipov said. Though Nova Credit is initially focusing on India and Mexico, it has entered into arrangements with credit bureaus in Europe, Canada, Australia and the Philippines. The company said it has forged relationships with U.S. banks and credit card issuers, though one analyst said U.S. lenders may still have questions about scores based on foreign credit data.
How start-up Kindred is pushing companies to improve on workplace equity and social justice
The motivation for companies to respond to social change is strong, but many fall short. Kindred is among those pushing business leaders to drive deeper DE&I change.
Clubhouse starts monetization, but startups and influencers may beat them to it
In the rush to monetize Clubhouse, third party app developers are hoping to get a slice of the pie. That includes a new app, called Clubmarket.
Cheat Sheet: Why advertisers need to know about the ‘Fourth Amendment Is Not For Sale Act’
The bill aims to close legal loopholes in federal law permitting data brokers and other forms to sell people's personal information to the government and law enforcement.
SponsoredQ&A: Why self-service tools are becoming central to buyer-seller relationships
Over the past 12 months, the ad industry has seen unprecedented change brought about by the COVID-19 pandemic. One change that has been particularly interesting to observe is the staggering increase in time spent consuming digital content across all screens. In fact, according to Forbes, global online content consumption doubled in 2020. This sharp rise […]
As more people turn to online shopping, legacy retailer Bed, Bath & Beyond leans into omni-channel digital strategy
The pandemic and the ensuing shift to online shopping and new levels of scale accelerated the retailers omni-channel revamp.
Addressing the ‘home-working isolation problem’: Workspaces-on-demand are on the increase
As businesses consider the level flexibility in their return-to-work policies, some have put budget toward co-working spaces for staff based on location.