This archive report was first published on 16 October 2019.
On October 16, 2019, CRC Credit Bureau announced a partnership with Nova Credit, a cross-border credit reporting agency, to provide Nigerians relocating to the United States with access to their international credit history.
This partnership allows creditworthy Nigerian newcomers to access credit opportunities previously unavailable to them due to a lack of credit history in the US.
The new service, 'Nova Connect,' enables Nigerians relocating to the US to authorize the translation of their Nigerian credit history into a U.S.-equivalent credit score, making it easier for them to apply for financial products, including credit cards, loans, and more.
According to a report by the Federal Reserve Bank of San Francisco, only 10 percent of U.S. payments worth $25 or more are paid in cash. In contrast, the average American has four credit card accounts.
By leveraging their international credit history, Nigerians can start to build a U.S. credit score, giving them a head start on establishing credit in their new home.
