Credit, collections & insolvency news
Nova Credit, the cross-border and alternative credit analytics company, has announced a strategic collaboration with Creditinfo, a global service provider for credit information and risk management solutions, to help Ukrainians gain access to the necessary financial services needed to effectively rebuild their lives abroad.
The partnership is powered by Nova Credit’s Credit Passport®, the only cross-border credit solution enabling newcomers to access their foreign credit history when applying for financial products in their new home country. Bridging this critical data gap, Nova Credit and Creditinfo are providing Ukrainian expats and refugees with the tools they need to get started on the right financial footing upon arrival.
Since March 2022, the US, UK, and Canada – Nova Credit’s largest partner markets – have seen a combined 840,000 Ukrainians move, and that number is expected to grow as the Russia-Ukraine War continues. As many will seek permanent residency in these new countries, a lack of credit history will introduce an obstacle to accessing financial services as, historically, new-to-country 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.
Misha Esipov, co-founder and CEO of Nova Credit said “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.”
Satrajit Saha, Global CEO of Creditinfo Group said “We are delighted to partner with Nova Credit to help Ukrainians arriving in the U.S. gain access to financial services and credit checks as they look to settle and rebuild their lives.
“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.”
