Nova Credit and Verizon Expand Partnership to Provide U.S. Newcomers Access to Device Financing In-Stores

Consumer-permissioned credit bureau enables newcomers to utilize their credit history from certain countries to get device financing in-store

NEW YORK--(BUSINESS WIRE)--Nova Credit, the world’s leading consumer-permissioned credit bureau, in partnership with Verizon, announced today that they have expanded their partnership to offer international credit checks for new-to-country customers over the phone and in select Verizon stores as part of its flagship retail program. With this partnership, Verizon will expand the use of Nova Credit’s Credit Passport® to in-store and via phone, enabling them to pull prospective customers’ international credit files and translate it into a credit score that may qualify them for financing. This news follows Verizon’s announcement in March, which introduced Verizon as the first carrier in the U.S. to provide people new to the country access to the best device financing on the network America relies on.

According to a survey commissioned by Nova Credit, obtaining phone service is one of the top priorities for immigrants upon entering the U.S. Nearly half of survey respondents purchased a cell phone plan within the first month of arriving. For newcomers to the U.S., many are forced to start from scratch in building U.S. credit history as international credit does not move with them across the border, making basic tasks like getting a cell phone a challenge.

With this partnership, newcomers from eligible countries including: Australia, Brazil, Canada, Dominican Republic, India, Kenya, Mexico, Nigeria, Philippines, South Korea, Spain, and the United Kingdom, have the ability to use the credit history they’ve already built in their home country to finance a device for 0% interest with credit approval – opening up opportunities beyond bringing your own device or prepaid phone plans.

How does it work?

Newcomers who don’t have credit history in the U.S. will have the ability to securely share their international credit history with a customer service representative or retail representative at their nearest Verizon store. Once qualified, they will simply need to show their government-issued ID to complete the credit application on the spot.

Newcomers who have credit history in one of the above countries can also apply for device financing by going to Verizon.com/internationalcredit.

“Verizon has been a great partner that shares our mission to help newcomers to the U.S. as they adapt to a new country. Enabling this in-store component is a major development in our partnership, making it easier for customers to access their credit score from their home country to obtain the latest phones,” said Misha Esipov, co-founder and CEO of Nova Credit. “At Nova, we are focused on helping newcomers at the point of need, so expanding this partnership to help any new-to-country customer who enters a Verizon store is a pivotal moment for us.”

To learn more about the partnership and Verizon’s international credit program, visit: Verizon.com/internationalcredit.

ABOUT NOVA CREDIT

Nova Credit is on a mission to accelerate financial inclusion and help underserved communities gain access to better credit options. The consumer-permissioned credit bureau helps U.S. newcomers to use their international credit history to apply for credit cards, auto loans, rental properties, and more with the Credit Passport®. Through this offering, the company has built partnerships in over 20 countries to gain consumer-permissioned access to over 1.1 billion credit profiles. Today, Nova Credit has expanded to serve all who feel discouraged by the current financial system with its latest offering, Cash Atlas™. The company partners with financial services and tenant screening companies like American Express, Verizon, MPOWER, SoFi, and Yardi. Founded by immigrants, Nova Credit has offices in San Francisco and New York City, and is backed by leading investors including Kleiner Perkins, General Catalyst, and Index Ventures, as well as executives from Goldman Sachs, JPMorgan, and Citi. Learn more at www.novacredit.com.