Nova Credit Launches Alternative Credit Data Platform for Lenders

Nova Credit has introduced its Nova Credit Platform, which is aimed at transforming how lenders manage and analyze consumer credit data.

This new platform provides a means for easy integration, efficient management and insightful analysis of consumer credit data from alternative sources, adhering to consumer reporting agency standards, the company said in a Monday (March 4) press release.

It aims to solve the challenges lenders face in using additional data to improve consumers’ financial access, Misha Esipov, CEO and co-founder of Nova Credit, said in the release.

“After enabling some of the world’s largest banks and issuers with alternative data, the Nova Credit Platform emerged to solve that problem,” Esipov said. “We’re giving companies the infrastructure and analytics foundation they need to grow responsibly, deliver on their missions and stay competitive in the market.”

Designed specifically for lenders looking to improve their credit data onboarding, verification and underwriting processes, the platform integrates advanced data science, robust infrastructure and comprehensive compliance, according to the release.

This innovation comes at a time when the financial industry is moving toward more open banking practices, underlined by the need for secure, efficient data sharing and utilization, the release said.

The Nova Credit Platform features capabilities such as multi-source data onboarding, embedded analytics and various deployment options, including no-code solutions and direct application programming interface (API) integrations, along with a complete compliance framework, per the release.

It supports Nova Credit’s key products like Cash Atlas, Income Navigator and Credit Passport, offering reliable and efficient credit assessment, the release said.

“As the use of alternative credit data continues to mature, ensuring the data is trustworthy, compliant and accurate must be a top priority for lenders who look to incorporate it into their underwriting practices,” Yacine Azmi, chief technology officer at Nova Credit, said in the release.

In another recent move by the company, Nova Credit partnered with British banking giant HSBC in September to enable the bank to help U.K. immigrants improve their credit.

In this partnership, customers who are applying for an HSBC U.K. credit card online can employ Nova Passport technology to share their credit history from a dozen countries.