- Partnership Overview: Nottingham Building Society, also known as The Nottingham, has partnered with California-based credit infrastructure and analytics firm Nova Credit.
- Objective: The collaboration aims to enable foreign nationals in the UK to access and utilize their overseas credit history when applying for mortgages.
- Target Population: The initiative primarily targets foreign nationals entering the UK on Health and Social Care Worker or Skilled Worker visas.
- Solution Utilized: Nottingham has selected Nova Credit’s cross-border credit solution, Credit Passport, which translates international credit reports into local-equivalent credit scores instantly.
- Global Reach: Nova Credit’s solution allows access to credit data from countries worldwide, including emerging markets such as the Philippines, India, and Kenya.
- Impact: The partnership seeks to address the challenge of under-served foreign borrowers in the UK mortgage market by providing access to mortgage finance within the first two years of being in the country.
- Previous Digital Collaboration: In February, Nottingham announced another digital collaboration with software vendor MQube to streamline its mortgage lending processes using MQube’s AI-driven mortgage origination platform, Origo.
