Nova Credit

🎙 🎙 With consumer debt continuing to climb to heights not seen in decades, gaining a real-time understanding of a borrower's financial health is more urgent than ever. Nova Credit’s CEO Misha Esipov joined Peter Renton on this week’s Fintech One on One to discuss the performance lift and portfolio visibility lenders see with the help of cash flow analytics and income verification. Thank you for being part of Nova Credit’s journey, Peter. We look forward to seeing you at the Cash Flow Underwriting Summit on Sept 12. Listen here:  https://lnkd.in/eEfBbUWj

🏆 🏆 🏆 Nova Credit is thrilled to be recognized as one of the world's top #fintech companies in 2024 for having a positive and innovative impact on financial services! We are included as a leading global fintech providing banking solutions. This award is a testament to the foundational impact that open banking and alternative credit data have in improving the lives and financial opportunities of millions of people. 📈 📈 We congratulate all of the companies awarded this year for reshaping the financial ecosystem. Check out the full list of companies below ⤵ ⤵ ⤵

Cash flow underwriting is quickly becoming a go-to strategy for growth, packed with ways to boost performance across the customer lifecycle. Currently, more than 43% of lenders are integrating alternative data into their underwriting processes. Ready to take advantage of this industry wave? Access the on demand virtual event to discover best practices of cash flow underwriting adoption. Gain insights from industry leaders Chris Hansen, Sarah Davies, Ph.D., and Joy Wilder Lybeer who bring years of experience partnering with top financial institutions. Learn at the link below ⤵

🇨🇦 🇨🇦 🇨🇦 Canada's immigration rates are soaring, with plans to welcome nearly 1.5 million permanent residents over the next three years.  This marks the highest growth rate in decades. Traditionally, newcomer applicants lack the traditional paperwork to secure access to credit products. Our partnership with RBC creates a smoother financial start for newcomers. With the expected immigration growth, the time is now for Canadian financial institutions to unlock the power to underwrite the credit invisible without increasing risk.  We are excited to partner with RBC to drive toward a more fair, inclusive financial future. Learn more about the RBC partnership below ⤵ And, if you are attending Collision Conf this week, don’t miss Misha Esipov's session at Collision 2024 to explore Canada's new-to-country momentum.

Attending Apartmentalize this week? Catch up with the Nova Credit team on how we are helping property managers fight fraud and conduct better, faster, smoother tenant screening. Our partners have seen conversion rates improve up to 80% over previous solutions by leveraging our waterfall with bank, payroll and pay stub data. DM us to book a meeting and learn more about our income verification solution here. https://lnkd.in/evdGcPWK

The wealth gap is disproportionately impacting minority populations and unfortunately widening in recent years. Exploring this disparity is at the center of Penny Crosman recent feature, “The racial wealth gap is getting wider. Can technology fix it,” a must read for all those committed to building a more inclusive financial system. 1 in 5 Americans lack a credit score, and traditional credit data lacks the breadth to serve underrepresented segments. As our CEO Misha Esipov added, "There's not enough data in the traditional credit bureau system to give lenders confidence about how to lend to segments that are not well represented in the credit bureau file… Our belief is that when you have more data and more visibility, you can responsibly serve these segments that the traditional credit bureau model just doesn't quite capture." Nova Credit’s platform includes cash flow and income data sources to paint a full picture of creditworthiness. Read the full article below ⤵ #FinancialInclusion #CreditInnovation #NovaCredit

With the U.S. bankcard balance up 13% and credit card delinquencies up 59% year over year, it’s no wonder that lenders are evaluating solutions to help them to underwrite with confidence. “Current credit models expose banks to risks and limit access for millions of underserved borrowers.” In his latest piece for American Banker, Gene Ludwig, former Comptroller of the Currency, explores how alternative credit data and cash flow underwriting can improve decision accuracy, transform credit evaluations, and benefit both borrowers and lenders in a time of increasing credit uncertainty. Read Gene’s thoughts below and let us know what you think ⤵

Gone are the days of manual, time-consuming income verification processes that are vulnerable to fraud... Join our virtual event featuring Patrick Hennessey at Yardi to discover how VOI automation is revolutionizing how property management companies and lenders approach income verification.  With cutting-edge VOI automation, you can streamline income verification, scale operations, and mitigate risk effectively. We invite you to join the discussion on May 22 at 11 am ET. Link ⬇

🇬🇧 🇬🇧 It’s expected that next year the U.K.’s population growth will be driven entirely by newcomers. However, newcomers and foreign residents encounter significant restrictions and complex criteria to secure housing. We are delighted to partner with Nottingham Building Society to empower mortgage applicants with limited or no UK credit history to access their foreign credit history, expanding housing access for more U.K. residents. Read more about the unique partnership below ⤵

Have you ever imagined a better credit score? We did, and today we are proud to introduce the NovaScore Cash Flow (NSCF). 📢 📢 Traditional credit scores only tell half the story - history of debt repayment. In recent years they have become murkier than ever: factors like credit builder products, soft inquiry data, government stimulus, and Buy Now, Pay Later loans are not accurately reflected, leaving lenders flying blind. The NovaScore Cash Flow (NSCF) is an easy-to-use, empirically driven and statistically sound risk score that leverages bank transaction data to assess creditworthiness. By leveraging NSCF, lenders can make better lending decisions based on a more complete financial profile of an applicant’s ability to pay than traditional credit scores alone. Built from 1,000+ FCRA-compliant attributes that are performance-tested against actual risk data to ensure predictive power, NSCF has demonstrated statistically significant lift across various use cases and segments - up to 15% lift in KS on average. As part of our Cash Atlas solution, NSCF makes cash flow underwriting adoption even easier. Get deeper data, richer scores and better predictions with NovaScore Cash Flow. Read more: https://lnkd.in/ea87H4Ya