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.
‘Pouring gasoline where it needs to be poured’: Why a DTC seafood company is rethinking its ad spend
One DTC company is moving away from Facebook and Instagram as the need to diversify media plans continues to heat up.
U.S. retail and fashion brands are cautiously optimistic about Biden’s ‘Buy American’ plan
President Biden's plan, as proposed in July, would set aside $400 billion for government purchases of American-made goods.
Marketing Briefing: Marketers and agency execs are hoping for more optimism post-inauguration
As marketers “wait with bated breath for this to pass quickly,” as one media buyer noted, there seems to be the potential for optimism.
SponsoredThe evolution of shoppable content lies in social media streams
With the physical and social aspects of shopping stripped away due to various lockdown restrictions around the globe, shoppable social media is poised to fill the void. In a recent example, Instagram launched its Reels and Shop tab for users to connect with brands and creators — and to discover products. The social media platform will […]
Why Adidas treats esports deals like media partnerships, not sponsorship deals
The versatility of esports allows for a much wider demographic than other sports and entertainment.
‘Must be a better way’: Why Mother is getting into the media business with new independent agency
The idea was born out of frustration with the current media agency landscape and more requests for integrated media and creative for new business pitches.