Nova Credit does not negatively impact your local credit score in your residing country. In fact, Nova Credit may help you create a first-time local credit file and local credit score by virtue of working with our partners (e.g. lenders).
The lender will generally first check with local credit bureaus to see if you have enough credit information in order to underwrite you. In a local credit environment and with a local credit bureau you may see an inquiry from the lender in your local credit report.
The most significant causes of score shifts tend to be factors like on-time payments and the portion of your credit you are using regularly (lower utilization rates may increase your credit score). Credit scores are likely to change over time, rising or falling depending on your financial behavior in your new country of residence.
If the lender is a partner Nova Credit works with and decides your local file does not have enough credit information to underwrite and believes that you are a good candidate for Nova Credit, you may be invited to complete the Nova Credit journey as an option. The Nova Credit option allows you to utilize your overseas credit history when applying for a credit product. The lender can better evaluate your application including your foreign credit history. Please note that the decision to approve or decline is determined by the lender. Nova Credit can not influence lender's decision logic and policy.
Because Nova Credit enables our partners to use your international credit history to evaluate your application for credit, it may help you build a local credit history if you are approved for a local financial product. Receiving a local credit product is the first step to establishing your local credit history and score.
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