Credit’s new frontier: Cross-border records and the role of cash flow data

In this episode, Misha Esipov, co-founder and CEO of Nova Credit, joins host Vince Passione to discuss the millions of “Credit Invisible” people in the country, and how innovations in credit reporting can help more lenders reach and serve them.Key takeaways:0:00 Introduction1:29 Millions of people arrive in the U.S. each year, many of whom have been credit-worthy in their respective nations but the U.S. credit system doesn’t recognize their credit history.2:19 There are around 100 million Americans whose credit data is inaccurate or incomplete and are missing out on loan opportunities as a consequence.5:04 An overview of Nova Credit’s three core products: Cash Atlas, Income Navigator, and Credit Passport.8:10 How, as a credit reporting agency (CRA) Nova Credit furnishes data to lenders and other credit bureaus.9:00 The three core swimlanes of Nova Credit’s operations: data collection, analytics, and FCRA compliance.9:48 The challenges preventing cash flow data from being recorded in traditional credit reporting bureaus' data–and the benefits for consumers and lenders when it is captured and used.13:35 How government stimulus incentives issued through the pandemic may have skewed consumer credit information, and is leading to long-term underperformance on certain loans.15:57 How Buy Now Pay Later transactions remain under-reported.18:47 Augmenting underwriting with cash flow information is a journey. Any step towards it is progress.21:09 Key takeaways from the inaugural Cash Flow Underwriting Summit, held in September 2024.Resources Mentioned:https://www.novacredit.com/ Nova Credithttps://www.unfcu.org/ United Nations Federal Credit Unionhttps://www.novacredit.com/cash-atlas Cash AtlasTMhttps://www.novacredit.com/income-navigator Income Navigatorhttps://www.novacredit.com/credit-passport Credit Passport®https://www.cashflowunderwritingsummit.com/ Cash Flow Underwriting Summit 2024Thanks for listening to the 22 Minutes in Lending podcast. If you enjoyed this episode, please leave a 5-star review to help get the word out about the show and be sure to subscribe so you never miss another insightful conversation.#CreditUnions #Lending #CreditReporting

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