HSBC UK pioneers inclusion of international credit history in credit card applications

The move makes HSBC UK the first UK bank to provide this feature, which aims to ease the financial transition for immigrants.

The partnership enables both new and existing customers applying for an HSBC UK credit card online to choose to include their credit history from 12 countries, including Australia, Brazil, Canada, Dominican Republic, India, Kenya, Mexico, Nigeria, Philippines, Spain, Switzerland, and the US.

The UK is experiencing a significant influx of immigrants, with more than 10 million people born overseas currently residing in the country. Each year, over 800,000 individuals are granted long-term visas to work or study in the UK. Notably, 95% of the UK’s net population growth is attributed to immigration, a figure expected to surpass 100% by 2025.

Nova Credit’s recent research reveals some of the financial hurdles faced by immigrants relocating to the UK. 66% of working-age immigrants in the UK reported that obtaining credit products took longer than expected due to their lack of UK credit history. 55% of respondents felt they had been treated differently due to this lack of credit history, with just 26% experiencing fully online processes to access credit products and services.

HSBC UK recognises the importance of immigrants to the country’s economic growth and aims to facilitate their financial integration. Madhu Kejriwal, Head of Unsecured Lending at HSBC UK, highlighted the significance of offering credit options to newcomers, stating, "Opening a credit card and building credit is an important step when setting up life in a new country."

Collin Galster, Head of International at Nova Credit, expressed enthusiasm about the partnership’s expansion, emphasising the growing need to better serve newcomers in the UK. He also noted the Nova Passport’s positive reception as a tool that helps businesses build stronger propositions and customer relationships in this underserved segment.

HSBC UK’s collaboration with Nova Credit marks a milestone in supporting the financial needs of newcomers and helping them establish themselves in the UK.