The absence of a “credit passport,” which would inform US credit institutions about the credit capacity of immigrants to the US, has kept millions of people who have moved across the Atlantic from starting a new life as they had envisioned it.
This led to Nova Credit, a company that started as a student project at Stanford University and evolved into a startup helping people moving to the US. The company operates as the link between American banks and the credit bureaus that offer information about the history of each immigrant in the US, says Nicky Goulimis, co-founder and chief operating officer of Nova Credit.
The UK-raised Greek says her team has created a platform that imports, translates and utilizes the information in cooperation with credit bureaus, before forwarding it for a price to the bank concerned. This helps immigrants to gain access to a mortgage or a credit card, as there is no mechanism for US banks or property managers to find out about any debts migrants may have in their country of origin.
“I am proud to realize that our venture has allowed thousands of immigrants to find a home and enjoy access to US credit services,” Goulimis tells Kathimerini. Nova Credit now employs 35 people, and various investors have funded it with $20 million.