RBC helps newcomers to Canada with Nova Credit

Royal Bank of Canada (RBC) has worked with cross-border credit bureau Nova Credit to launch ‘Global Credit Connect’, which is designed to help newcomers to Canada make use of their international credit history.

Typically, individuals who arrive in Canada to live and work are considered “new to credit”, which means they cannot use their home country credit history to access appropriate credit products and solutions, RBC said.

Its ‘Global Credit Connect’ offers a potential solution, by giving eligible clients the ability to “translate” their home country credit score and history into a Canadian equivalent, which can then be used in applications for RBC credit products and solutions.

The new offering from RBC uses Nova Credit’s ‘Credit Passport’ product to deliver a real-time standardised credit history translation, based on an individual’s home country credit bureau information, such as tradelines, risk attributes and inquiry history.

Janet Boyle, senior vice president, home equity financing and newcomer strategy at RBC, said: “We’re excited to work with Nova Credit to launch ‘Global Credit Connect’ and create a simpler way for eligible newcomers to make a successful financial transition in Canada.”

Collin Galster, Nova Credit’s chief operating officer, said the new functionality will provide access to credit data from more than 2.7 billion individuals worldwide.

“This partnership is a significant step forward in our commitment to newcomers to Canada, helping them arrive and thrive with access to suitable financial products and services,” he added.

Earlier this year, Toronto-based residential leasing solutions provider SingleKey teamed up with Nova Credit to enable newcomers to Canada to secure affordable housing by accessing their international credit history.

Canada is expected to welcome nearly 1.5 million permanent residents over the next three years.