FCA greenlights Nova Credit to provide credit references for new arrivals
Nova Credit UK has received permission from the Financial Conduct Authority (FCA) to provide credit references to businesses in the UK via its Nova Passport tech.
Nova Credit is a credit bureau designed to enhance financial inclusion through helping businesses make “fair and informed” decisions on “thin file”, no credit history or new-to-country applicants.
Its Nova Passport, which it has launched in the UK, collates cross-border credit bureau data via an API and relationships with credit bureaus to help businesses underwrite new-to-country individuals.
Working with Nova Credit UK, financial services providers will be able to incorporate credit information from foreign bureaus and unlock consumer-permissioned access to more than two billion credit profiles across the world.
Misha Esipov, co-founder and CEO of Nova Credit, says: “The UK is home to one of the world’s largest and most diverse immigrant communities; one in seven people in the UK was born overseas.
“This critical consumer segment is the largest driver of the country’s population growth and is mission-critical to any business looking to maintain and grow market share.”
The firm believes the drive for financial inclusion in the UK will only accelerate as the FCA’s Consumer Duty rules come into effect over the course of this year.