Enhancing Chase's Underwriting Abilities through Nova Credit's Advanced Platform and Analytics

Chase, one of the largest banks in the United States, has announced a partnership with Nova Credit, a credit infrastructure and analytics company, to revolutionize its consumer underwriting process. This partnership aims to serve more customers across the country who have limited credit history or are underserved by traditional credit models.

Under the terms of the agreement, Nova Credit's solutions will be instrumental in helping Chase expand its customer base. The partnership will see the bank utilising Nova Credit's Credit Passport® and Cash AtlasTM to power its cash flow underwriting capabilities.

Cash Atlas, a unique offering compared to traditional credit data solutions, provides FCRA-compliant cash flow analytics that capture consumers' actual financial health through trended data on income, expenses, and assets. This data source enables Chase to better assess credit risk and make more informed lending decisions.

Chris Reagan, President of Chase Branded Cards, expressed his excitement about the partnership, stating that tools like Cash Atlas and Credit Passport will help Chase in its mission to be the bank for all by providing a more comprehensive view into each individual's credit needs.

The implementation of Cash Atlas allows Chase to approve customers with right-sized lines of credit, a significant step forward in the field of consumer underwriting. With the use of Cash Atlas, the bank believes it can responsibly serve more people through the power of cash flow analytics.

Collin Galster, COO of Nova Credit, also expressed his excitement about expanding the relationship with Chase to include Credit Passport and Cash Atlas. He believes that this partnership signifies a significant step forward in the field of consumer underwriting.

The use of Cash Atlas by Chase is expected to be instrumental in helping the bank expand its customer base. With the ability to generate risk profiles for no file, thin file, and even thick file consumers, Chase can now serve a wider range of customers who were previously underserved.

The future of consumer underwriting at Chase is believed to involve the use of Cash Atlas and Credit Passport. The bank first used Cash AtlasTM to support its credit risk assessment capabilities in 2022, and the implementation of these solutions is expected to have a transformative impact on the bank's underwriting process.

In conclusion, the partnership between Nova Credit and Chase is a significant step forward in the field of consumer underwriting. By utilising Cash Atlas and Credit Passport, Chase can create a more comprehensive view of the consumer compared to traditional credit data solutions, ultimately leading to more informed lending decisions and a wider customer base.