The credit score reporting firm mentioned Thursday that the International Shopper Credit score File will make it simpler for immigrants to entry companies like loans and cellphone plans in Canada by offering the extra knowledge.
“It’s actually necessary when newcomers land that they get entry to the monetary companies ecosystem, and with out credit score historical past that’s very troublesome to do,” mentioned Sue Hutchison, head of Equifax Canada.
“They’re usually trying to, , hire an condo, get a cell phone, in all probability a credit card, and all of these issues require credit score historical past. So not having it makes it very troublesome for newcomers.”
Incomes, saving and spending in Canada: A information for brand spanking new immigrants
What’s Nova Credit score? What does it supply?
Equifax isn’t the primary to launch such a program in Canada. San Francisco-based Nova Credit score, which launched in 2016 to supply international credit score rating entry, expanded into Canada final 12 months in a partnership with Scotiabank.
The corporate has since expanded with partnerships at RBC, BMO and Rogers Communications Inc., amongst others.
Nova Credit score companions with a number of credit score bureaus, together with Equifax, to supply knowledge from greater than 20 nations. With Equifax turning into a competitor within the area, Hutchison mentioned conversations are underway round knowledge entry going ahead.
International credit score rating sourcing with Equifax
Equifax, which has operations or funding in 24 nations, can have the benefit of being the direct supplier of knowledge from its overseas bureaus, mentioned Hutchison.
“It’s going be coming immediately from us. In order that’s, I believe, very engaging to the lenders themselves that they’ll be dealing immediately with the credit score bureau.”
