Amex introduces international credit checking for applicants from some countries
American Express just announced that it will be the first U.S. card issuer to join forces with the cross-border credit reporting startup, Nova Credit. This partnership is good news for people newly arrived in the U.S., as it will allow them to have an accessible credit score, opening the door to more financial opportunities.
The partnership with Amex means that residents from Australia, Canada, India, Mexico and the United Kingdom will be able to share their credit reports from select international bureaus with Amex directly during the application process. This will allow applicants to "potentially get approved instantly," American Express said in a statement.
What's great about this partnership in particular is that prior to it, foreign residents were often restricted to applying for less lucrative credit card options in order to start building credit. That process alone could take up to five years before any more lucrative opportunities became available, but this partnership changes that. Now foreign nationals building a life in the U.S. can up their points and miles game as well.
American Express said that the technology will translate the international credit reports into a U.S. equivalent report, although it did not say what factors or ratio will be used to turn those international reports into a U..S-unique FICO score. More countries will be included in the future as well, Amex said.