Nova Credit, a credit infrastructure and analytics company, has launched Eligibility Compass, an income and asset verification solution designed for affordable housing. This solution aims to automate the collection of applicant financial data and reduce the time required to confirm eligibility.
Prior to this launch, verifying eligibility for a single household could take weeks due to manual back-and-forth with applicants, banks, employers, and benefit providers. Eligibility Compass seeks to transform this process by providing real-time verification of income, benefits, and assets within a single applicant experience.
Akaash Gupta, Head of Tenant Screening Partnerships, explained that Nova Credit has processed millions of income verifications for thousands of property management companies over the last five years. He noted that affordable housing users face specific challenges, including complex applicant profiles, strict compliance requirements, and penalties for errors. Eligibility Compass was developed to support these partners.
The solution aims to decrease the time from application to approval by consolidating disparate verification processes. Its components include bank connections for instant, paperless verification of current and historical assets and income sources; payroll connections for verifying retirement income, government benefits, gig work, and traditional wage earnings; and flexible document upload for additional verification needs like award or distribution letters.
Eligibility Compass also features automated cross-referencing between data sources to identify discrepancies such as unreported income or assets. As a Consumer Reporting Agency with nine years of compliance expertise, Nova Credit brings established policies and procedures to the affordable housing sector. The solution incorporates advanced fraud detection capabilities to analyze source documentation and identify unreported income omissions by combining multiple data sources with analytics.
Gupta stated that housing providers should not have to choose between thorough verification and operational efficiency. He added that Eligibility Compass delivers both, demonstrating how consumer-permissioned data can improve housing access while strengthening risk management.
Eligibility Compass is currently available to affordable and public housing providers across the United States. Organizations interested in learning more can visit novacredit.com/eligibility-compass or contact connect@novacredit.com.
Nova Credit aims to build a more fair and inclusive financial system by improving credit infrastructure, analytics, and workflows. Its products, including Credit Passport®, Cash Atlas™, and Income Navigator, are utilized by organizations like HSBC, SoFi, Scotiabank, and Yardi to access applicants from traditionally credit-excluded populations. The company is supported by investors such as Socium Ventures, Kleiner Perkins, General Catalyst, Index Ventures, and Canapi Ventures.
