Mitek partners with Nova Credit to help immigrants establish U.S. credit in minutes, not years
New partnership enables immigrants to safely and securely use home country credit history
SAN DIEGO, Sept. 23, 2020 (GLOBE NEWSWIRE) -- Mitek (NASDAQ: MITK, www.miteksystems.com), a global leader in mobile capture and identity verification software solutions, has partnered with Nova Credit,
the premier cross-border consumer credit reporting startup, to help immigrants to the United States use their international credit to quickly and securely establish a U.S. credit history.
Recent data released by the Pew Research Center shows that non-U.S. born residents make up almost 14 percent of America’s current population, while there are almost 15 million temporary or permanent legal residents currently in the country. These individuals are over-represented amongst the “credit invisible” population, and face an uphill battle to access products and services in the U.S. despite often having a well-established financial history in their previous country of residence.
“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,” says Mitek Vice President Cindy White. “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 leading credit bureaus and data partners around the world 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 home country-equivalent credit history for consumers new to the United States.
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 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 analyze these submissions to prevent fraud.