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Nova Credit and SafeRent partner to offer credit checks for migrant housing applicants

Nova Credit, a fintech aiming to unlock opportunities for those historically excluded from the credit system, and resident screening and renters insurance service provider SafeRent, today announced partnering to expedite the time it takes to process newcomer population credit checks for housing, according to a press release.

The two companies say that the strategic partnership will make it faster and easier for property managers to run credit checks on newcomer populations, via Nova Credit’s Credit Passport which runs and transfers international credit checks (from more than a dozen international credit reporting agencies) to a U.S.-equivalent score.

The partnership is intended to address the challenges associated with credit history locality, with credit scores historically being bound by borders and not easily transferable country-to-country.

As a result, SafeRent will now offer property managers the ability to view the “translated” scores, which it says will help minimize risk while creating greater opportunity for newcomers, “to succeed by granting them access to rental housing,” according to the release.

“To serve the broadest spectrum of the rental property market, we must also be able to screen the broadest spectrum of prospective renters,” stated Frank Yankovich, CEO of SafeRent Solutions, in the release.

“That involves not only having the innovative solutions our customers have come to expect from us, but also the best partners and data to fuel them. Nova Credit is the leader in translating international credit scores into actionable data and we are excited to offer Credit Passport® to our customers,” Yankovich said.

In other recent proptech news, Reigo secured a $13 million Series A and closed a $100 million securitization for bridge loans. Tomo also raised a $40 million Series A and hit a $640 million valuation for its digital mortgage platform.

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