Mitek, Nova Credit to help immigrants establish U.S. credit in minutes

By Edil Corneille

Mitek, a mobile capture and identity verification software solutions provider, has partnered with Nova Credit, a cross-border consumer credit reporting startup. The collaboration will enable immigrants in the United States to use their international credit to quickly and securely establish a U.S. credit history.

“As a dual citizen who was once an immigrant to the U.S. myself, I know firsthand how intimidating it can be to create a new life in a new country,” Mitek Vice President Cindy White stated. “I’m inspired by Nova Credit’s solution and thrilled that Mitek can help newcomers more easily verify their identity so that they can establish credit to open accounts, ensuring trust and convenience for all.”

Nova Credit partners with credit bureaus and data partners globally to deliver international credit and bank transaction data to lenders in the United States, translating this data into a U.S.-equivalent credit score. Through its Credit Passport, Nova Credit accelerates the integration of these consumers into the U.S. financial system. In the past, it would have taken roughly five years to build a home country-equivalent credit history for consumers new to the United States.

“The world has become more interconnected than ever, yet financial institutions still find it difficult to access and verify consumer’s data when they move countries,” Nova Credit CEO Misha Esipov apprised. “Our new partnership with Mitek not only makes it easier for newcomers to apply for these products online, it also simplifies KYC requirements for banks.”

By integrating Mitek’s Mobile Verify identity verification technology into its system, Nova Credit now also allows lenders to identify and mitigate risk to comply with the current U.S. Know Your Customer (KYC) regulations. Using the Nova Credit mobile-first system with Mobile Verify, an applicant can easily verify their identity on their smartphone by submitting a photo of their government-issued ID and selfie, and lenders can quickly and reliably analyse these submissions to prevent fraud.