Nova Credit, the cross-border and alternative credit analytics company, has partnered with Creditinfo to help Ukrainians gain access to financial services to effectively rebuild their lives abroad.
The partnership is powered by Nova Credit’s Credit Passport, which enables newcomers to access their foreign credit history when applying for financial products in their new home country. Bridging this critical data gap, Nova Credit and Creditinfo are providing Ukrainian expats and refugees with the tools they need to have the right financial footing upon arrival.
Since March 2022, the US, UK, and Canada have seen a combined 8,40,000 Ukrainians move, and that number is expected to grow as the war continues. As many will seek permanent residency in these new countries, a lack of credit history will introduce an obstacle to accessing financial services.
With this partnership, credit data from the International Bureau of Credit Histories (IBCH) Ukraine – one of the three main credit bureaus in Ukraine – can be instantly translated into a local-equivalent credit report and score so that lenders who use the Credit Passport solution can assess the credit risk of new-to-country applicants. Nova Credit’s partners using the Credit Passport include American Express, HSBC, Scotiabank, Verizon, and UNFCU.
“Of the many credit-excluded migrant populations around the world, few are in more dire need of support than the Ukrainian people,” said Misha Esipov, co-founder and CEO of Nova Credit. “Credit access isn’t just a piece of the puzzle; it’s a lifeline for the countless Ukrainians uprooted by the chaos of war. We set out to build this partnership with Creditinfo and IBCH Ukraine from the onset of the war, and our teams have worked hard to enable this integration. Together, we’re using data to bridge a world where everyone, regardless of where they come from, has a fair shot at building a brighter future.”
“We are delighted to partner with Nova Credit to help Ukrainians arriving in the US gain access to financial services and credit checks as they look to settle and rebuild their lives,” said Satrajit Saha, CEO of Creditinfo Group. “Among the many challenges facing Ukrainians, is finding ways to access finance. Having a positive credit history is vital to doing many things in the US such as renting a property and securing a job. This is why the information we can provide through our partnership with Nova Credit is so important – it offers the data financial institutions, employers and landlords need to provide basic services to Ukrainians wanting to rebuild their lives.”
