Nova Credit partners with HSBC UK and extends its agreement with SoFi to broaden its fintech influence.
- The collaboration with HSBC UK facilitates international mortgage applications using overseas credit histories.
- Nova Credit’s technology simplifies the process by translating credit reports into English for UK applicants.
- The extended partnership with SoFi integrates Nova Credit’s Cash Atlas™ for improved cash flow underwriting.
- Nova Credit continues to transform traditional credit analytics, supporting major institutions and new-to-country consumers.
Nova Credit, an analytics and credit infrastructure firm, has strategically partnered with HSBC UK to enable international mortgage applications, expanding its reach within the fintech industry. This alliance allows HSBC UK to access and incorporate credit histories from applicants’ previous countries of residence, streamlining the home loan process for international customers. Particularly, this service caters to applicants from Australia, Switzerland, the Philippines, and the USA, as well as recent arrivals to the UK, significantly easing their ability to secure property loans. This initiative marks a progressive step as it eliminates the cumbersome requirement for applicants to procure and translate their credit reports. Instead, it offers an automatic English-language report integration into mortgage applications.
HSBC UK, one of the leading financial institutions in Britain, proudly claims the role of a pioneer in offering this innovative service to utilise international credit records. Oli O’Donoghue, Head of Mortgages at HSBC UK, conveyed that this service is essential to overcoming difficulties faced by international customers in securing credit facilities when moving to new countries. Such advancements are pivotal, particularly for those possessing leave to remain in the UK or EU settled status, as they now can access an enhanced loan-to-value tier reaching up to 95%.
In another development, Nova Credit has expanded its long-standing relationship with SoFi, a renowned digital financial services platform. SoFi plans to incorporate Nova Credit’s Cash Atlas™, which provides comprehensive access to consumer-authorised bank data and cash flow analytics, into their loan underwriting. This enhancement grants lenders a more detailed understanding of a consumer’s financial health, surpassing the traditional credit reporting paradigm. The integration of Cash Atlas™ is projected to refine credit risk assessment and broaden credit eligibility for SoFi members.
Nova Credit, as a credit reporting agency, leverages its robust credit and data infrastructure alongside its compliance framework to bridge gaps inherent in traditional credit analytics. Over the years, the company has significantly contributed to the fintech sector, aiding major financial institutions and technology companies such as American Express and Verizon in their credit decision processes. Nova Credit’s service offerings are especially pivotal in the realms of cash flow underwriting and income verification, and in assisting new-to-country consumers in gaining credit access.
Nova Credit’s partnerships with HSBC UK and SoFi underscore its growing impact in transforming fintech credit analytics.
