Business for Sale Marketplace - A Single Platform for Entrepreneurs & Dealmakers Login | About us | FAQ

This Alternative Credit Agency Lets Immigrants Bring Their Credit With Them

Millions of immigrants enter the United States lacking something important for success: a documented financial history or credit score. Unable to prove their reliability to lenders, they find it harder to rent an apartment, lease a car, or get their first credit card. A lack of credit score hobbles immigrants as they try to get a footing in American life. It’s not only poor immigrants who experience inconvenience and hardship, says Misha Esipov, cofounder of an alternative credit scoring startup called  Nova Credit . Even people with decent scores in their home countries become “credit invisibles” once they arrive here–consumers who can’t prove their viability to the mainstream U.S. financial system. “The databases are structured differently around the world, they have different standards. But, at the end of the day, they’re capturing substantially the same thing.” [Image: Olena Chernenka/iStock] Traditionally, the credit reporting industry has operated on a nation-by-nation basis. There have been no international standards by which bureaus and their financial clients have shared data about customers. Each time people have emigrated, they’ve effectively gone back to square one–that is, to having little or no credit score in their adopted countries.

The rest is here:
This Alternative Credit Agency Lets Immigrants Bring Their Credit With Them

Tagged as: , , , ,

Comments are closed.