Cross-border credit reporting is at last becoming a reality

Mpower, a student-loan company, is already using Nova Credit’s data to help it make lending decisions for international students. The hard part, says Misha Esipov, Nova Credit’s boss and co-founder, is dealing with the many origins and destinations for migrants and data, and therefore a massive, non-standardised jumble of databases. Not only do most countries have several credit bureaus as well as their own rules on credit-reporting, but rules on consumer privacy and data protection also vary.

Source: www.economist.com