Nova Credit integration overview

Overview

Persona's Nova Credit integration enables income verification and international credit assessment for financial institutions. This integration helps businesses make fair, informed decisions about applicants who may have thin credit files or no US credit history, including recent immigrants and new-to-country applicants.

The Nova Credit integration is particularly valuable for lenders, fintechs, and financial services companies seeking to expand access to underserved populations while maintaining strong underwriting standards.

Benefits

Expand Access to Thin-File Applicants: Verify income and creditworthiness for applicants who lack traditional US credit history

Fair Lending Decisions: Access comprehensive financial data to make informed decisions without excluding legitimate customers

International Credit Assessment: Evaluate creditworthiness of new-to-country applicants using their international credit history via Credit Passport®

Income & Employment Verification: Verify income through bank transaction analysis and paystub data via Cash Atlas™

Integration Features

Persona’s Nova Credit integration brings income verification and international credit data directly into your workflows. Key capabilities include:

• Bank Transaction Analysis: Analyze bank account data to verify income and cash flow patterns
• Paystub Verification: Extract and verify employment and income data from paystubs
• Multiple Data Sources: Aggregate data from banking partners, document providers, and financial institutions
• International Credit Reports: Access credit history from applicants' home countries
• US-Equivalent Credit Scores: Translate international credit data to US-equivalent risk assessments

Setting up the Nova Credit integration

Prerequisites

To set up the Nova Credit integration, ensure you have:

• Admin access to your Persona Dashboard
• A Nova Credit account with API credentials
• Active Nova Credit product subscription (Cash Atlas and/or Credit Passport)
• Nova Credit API keys (client_id and secret_key)

Setting up the Nova Credit Credentials

1. Navigate to Integrations
   • Go to Integrations > Marketplace in your Persona Dashboard
   • Search for Nova Credit in the available integrations
2. Configure Report Template
   • Navigate to Settings > Report Templates
   • Locate the Nova Credit Cash Atlas or Nova Credit Credit Passport template
   • Click Configure or Add New
3. Add Credentials
   • Enter your Nova Credit Client ID
   • Enter your Nova Credit Secret Key
   • Enter your Sandbox Client ID (for testing)
   • Enter your Sandbox Secret Key (for testing)
   • Save the configuration
4. Activate the Template
   • Set the report template to Active
   • Save your changes

Using the Nova Credit integration in a workflow

1. Create a new workflow, or open an existing workflow you'd like to update.
2. Add a new action step > Integrations.
3. Select the Nova Credit integration and choose your product:
   • Run Nova Credit Cash Atlas (for income verification)
   • Run Nova Credit Credit Passport (for international credit)
4. Configure the input fields to pass in the correct information.
5. Save/publish the workflow.

Nova Credit Operations Overview

Run Nova Credit Cash Atlas

Verifies income and employment by analyzing bank transaction data and paystub information.

• Provide values for required fields:
  • Product ID - Your Nova Credit product identifier
  • Public Token - The access token for the report (obtained from Nova Credit's user consent flow)
• Optionally add:
  • Object (to associate the report with an Inquiry or Account)

Run Nova Credit Credit Passport

Retrieves international credit history for new-to-country applicants.

• Provide values for required fields:
  • Product ID - Your Nova Credit product identifier
  • Public Token - The access token for the report
• Optionally add:
  • Object (to associate the report with an Inquiry or Account)

FAQs

What is the difference between Cash Atlas and Credit Passport?

Cash Atlas is an income and employment verification product that analyzes bank transactions and paystub data to verify income and cash flow. Credit Passport is an international credit reporting product that helps assess the creditworthiness of new-to-country applicants by accessing their credit history from their home country.

How does the public_token work?

The public_token is generated through Nova Credit's user consent flow where the applicant authorizes access to their financial or credit data. This token is then passed to Persona's workflow action to retrieve the report. You'll need to integrate Nova Credit's front-end SDK or API to obtain this token before triggering the Persona workflow action.

Does using Nova Credit consume credits?

Yes, each report generation typically consumes a Nova Credit credit based on your agreement with Nova Credit. Contact your Nova Credit representative for specific pricing and credit usage details.

How fresh is the income data from Cash Atlas?

Cash Atlas analyzes recent bank transaction data (typically 3-12 months) and recent paystubs provided by the applicant. The data is as fresh as what the user provides during the consent and data-sharing process.

Is the integration compliant with financial regulations?

Nova Credit is a consumer reporting agency regulated by the FCRA (Fair Credit Reporting Act). Ensure your use of Nova Credit data complies with applicable regulations including FCRA, ECOA (Equal Credit Opportunity Act), and state-specific lending laws. Consult with your legal and compliance teams for specific guidance.