NEW YORK–(BUSINESS WIRE)–Nova Credit, the fintech that opens up opportunities for people historically excluded from the credit system and the businesses that seek to serve them, and SafeRent Solutions, an innovator in resident screening and renter insurance solutions, today announced a strategic partnership that will make it quick and easy for property managers to perform credit checks on newcomer populations.
Historically, a person’s credit history has been limited by national borders. As a result, newcomers to the United States have no national credit history and property managers cannot properly screen them during the application process. This gap not only limits the rental stock for property managers and tenants, but also introduces higher potential risk to businesses and perpetuates inequalities among underserved populations.
The partnership addresses these challenges by enabling property managers to use credit passport® to perform credit checks on newcomers as part of SafeRent’s comprehensive resident screening reports and solutions. Credit Passport®, powered by Nova Credit and currently operated by major US financial institutions and consumer lenders such as American Express and Westlake Financial, allows applicants to seamlessly and securely transfer their credit reports from over a dozen international credit reporting agencies to an American country. equivalent credit report. For SafeRent, property managers armed with this insight can minimize their risk while creating a greater opportunity for newcomers to succeed by giving them access to rental accommodation.
“To serve the widest range of the rental property market, we also need to be able to screen the widest range of potential tenants,” said Frank Yankovich, CEO of SafeRent Solutions. “That means not only having the innovative solutions that our customers expect from us, but also the best partners and data to power them. Nova Credit is the leader in translating international credit scores into actionable data and we are excited to offer Credit Passport® to our clients.
“We are thrilled to partner with SafeRent and double down on our commitment to making the US housing market more accessible to newcomers. This partnership is a win-win: for property managers looking to increase occupancy with responsible tenants, for newcomers looking to find a reliable rental they can call home while they build their lives in the United States, and for the credit data ecosystem where access to data can unlock a more equitable and inclusive financial system,” said Nova Credit co-founder and CEO Misha Esipov. “Few things are more important to the success of newcomers than finding a place to call home and this partnership makes that transition period a little easier.
Credit Passport® will be available to SafeRent users immediately. For more information, visit: www.novacredit.com
ABOUT NOVA CREDIT
Nova Credit is on a mission to accelerate financial inclusion and help underserved communities access traditional credit. The consumer-authorized credit bureau helps US newcomers use their international credit history to apply for credit cards, auto loans, rental properties and more with Credit Passport®. Thanks to this offer, the company has forged partnerships in some twenty countries to provide real-time access to more than a billion credit profiles. Founded by immigrants, Nova Credit has offices in San Francisco and New York and is backed by top investors including Kleiner Perkins, General Catalyst and Index Ventures, as well as former executives from Goldman Sachs, JPMorgan and Citi. Find out more at www.novacredit.com
ABOUT SECURITY SOLUTIONS
SafeRent Solutions is a private company with extensive experience and history in the area of resident screening. Our mission is to be a true business partner for property managers, landlords and real estate agents and to provide quality information to enable sound rental decisions, reduce bad debts and mitigate risk. SafeRent Solutions is committed to delivering and innovating Resident Screening and Renter Insurance solutions, which are core to our business and key to what we do.