Dow 30 component American Express Company (AXP), and its subsidiaries provide customers and businesses globally with charge and credit payment card products and travel-related services. They look to enrich the lives of their customers and build business success.
Reportedly, American Express has teamed up with Nova Credit, a cross-border credit reporting start-up allowing prospective card members with the ability to share their international credits ratings/report with American Express when applying for a card. The feature which can now be accessed from Australia, Canada, India, Mexico, and the United Kingdom will enable credit records from international credit reporting agencies to be instantly translated into a U.S.-equivalent credit report during the online application process. If the applicant fits American Express criteria, the 15 digit Instant Card Number is instantly provided to the new members for use.
“We want to help remove a barrier for millions of people who’ve been otherwise ignored by the U.S. financial system,” , “Thanks to Nova Credit’s Credit Passport®, we can offer newcomers from five international countries the ability to share their credit history with us — making it possible for American Express to extend credit to more people,” stated Sara Milsten, Senior Vice President, New Member Acquisition, U.S. Consumer Services at American Express.
“By translating international credit records from top bureaus around the world into a U.S.-equivalent score and enabling newcomers to share their credit history with U.S. underwriters like American Express, we are helping people who move to the U.S. to arrive and thrive,” stated Sarah Davies, Head of Risk & Analytics at Nova Credit.
The move makes American Express the very first payments company to offer immigrants and expats to the U.S. from the above countries the ability to use Nova Credit’s Credit Passport technology to remove international financial barriers and help people build credit in the U.S.
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