Cross-border and alternative credit analytics company, Nova Credit, is collaborating with Creditinfo, the credit information and risk management solution provider, to help Ukrainians gain access to the necessary financial services needed to effectively rebuild their lives abroad.
Credit Passport from Nova Credit, a cross-border credit solution enabling newcomers to access their foreign credit history when applying for financial products in their new home country, is powering the partnership with Creditinfo.
Bridging this critical data gap, Nova Credit and Creditinfo are providing Ukrainian ex-pats and refugees with the tools they need to get started on the right financial footing upon arrival.
According to the US Department of Homeland, the US, UK and Canada have seen a combined 840,000 Ukrainians move – and this number is expected to continue growing as the Russia-Ukraine War continues.
Historically, as many seek permanent residency in new countries, a lack of credit history will introduce an obstacle to accessing financial services as these individuals have had no way to carry over their credit history and financial identity. This presents a challenge for both new arrivals who are looking to re-establish their lives, in addition to lenders who lack the credit data needed to provide their financial services and products to this newcomer population.
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 Ukrainian applicants.
‘Credit access isn’t just a piece of the puzzle; it’s a lifeline’
Misha Esipov, co-founder and CEO of Nova Credit, commented: “Of the many credit-excluded migrant populations around the world, few are in more dire need of support than the Ukrainian people.
“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.”
Nova Credit’s partners using the Credit Passport include American Express, HSBC, Scotiabank, Verizon, and UNFCU.
Satrajit Saha, CEO of Creditinfo Group, also added: “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.”