American Express Can Now Review International Credit Histories to Approve Applications
A new partnership between American Express and Nova Credit gives immigrants an opportunity to apply for an American Express credit card, even if they do not have any credit history in the United States.
American Express can now access international credit reports to approve personal credit card applications. Nova can pull reports from Canada, Australia, India, Mexico and the United Kingdom, and convert the information to a U.S. equivalent.
According to an American Express statement, “American Express is the first payments company to offer immigrants and expats to the U.S. from these countries the ability to use Nova Credit’s Credit Passport technology.”
The credit report conversion happens instantly. American Express receives the data in real-time and can quickly approve an application for credit. If the applicant is approved, American Express will issue a 15-digit Instant Card Number to be used until the physical card arrives in the mail. Instant Card Numbers are compatible with Apple Pay, Samsung Pay and Google Pay.
Credit Passport also allows U.S. newcomers to apply for a card before they receive a Social Security Number or Individual Taxpayer Identification Number. Newcomers must have a valid U.S. address to apply for a credit card.
Using Credit Passport does have a minor impact on foreign credit reports. In Mexico, a pull from Nova Credit results in a hard inquiry. In Canada, Australia, India and United Kingdom, it shows as a soft inquiry.