If you’re Canadian and you’re thinking about moving to the U.S. or you’ve already moved, then you’ll want to hear about this new partnership between American Express and Nova Credit. Basically, if you apply for an American Express U.S. Personal Card, Nova Credit will be able to pull your Canadian credit report. This is important since newcomers to the U.S. have no local credit history which can make things a bit more complicated when you’re trying to establish roots in a new country.

What is Nova Credit?

Normally, when you cross the border, your credit history stays behind, but with Nova Credit, it travels with you. Nova Credit is a cross-border credit reporting startup that can access credit reports from Australia, Canada, India, Mexico and the United Kingdom. Their plan is to add more countries, but currently, those are the only five destinations they’re working with.

Your credit history from your home country is essentially translated by Nova Credit into something equivalent that is recognized in the U.S. This is handy since you’ll basically have an established credit history even if you’ve just arrived. 

Why having an established credit history is important

If you want to rent an apartment or apply for a credit card, you’re going to need a credit history. The reason for this is that landlords and lenders want to ensure you’re creditworthy. This may seem unfair to some people, but the same thing applies to Canada and any other country. 

Having an established credit history means getting settled in the U.S. will be a lot easier. Regardless of what country you’re moving to, you want to establish a local credit history as soon as you can.

Why American Express?

American Express is the first global payments company to use Nova Credit’s Credit Passport technology. If you’re from one of the five supported countries, the odds of you being approved for an American Express credit card will likely go up since Amex will have access to your credit history. Once approved, you’ll have an American Express U.S. Personal Card which will allow you to build your U.S. credit score. 

American Express has always looked for better ways to serve its global community, so it’s no surprise that they partnered with Nova Credit. For more information on how American Express helps newcomers to the U.S., you can check out www.americanexpress.com/newcomers.