Nova Credit and Scotiabank to help newcomers use their foreign credit history in Canadian transactions
that allows them to utilize their foreign credit history, potentially helping them get access to Canadian financial services like mortgage lending.
This has made Nova Credit the first cross-border credit bureau to operate in Canada, the companies said.
“Scotiabank will be the first Canadian-based bank to offer prospective customers the ability to share their foreign credit reports when applying for Scotiabank products, powered by Nova Credit’s Credit Passport which unlocks cross-border credit bureau data to help businesses underwrite new-to-country newcomer populations,” Nova Credit said.
Initially available for newcomers in in the Toronto area, the program is also slated for future expansion across the rest of Canada.
An influx of new immigrants into Canada in the coming years could help the housing market’s trajectory and offset the impact of interest rate rises, according to an industry veteran. https://t.co/FbSUA4VBgr
— Canadian Mortgage Professional Magazine (@CMPmagazine) April 21, 2021
The Nova Credit system gives newcomers the power to share their home-country credit information whenever they are applying for financial products in Canada.
“From there, Credit Passport provides the consumer’s credit history and an equivalent score that Nova Credit’s network of lenders and partners can leverage to make more real-time application approvals to audiences that were previously excluded,” the company said.
“Partnering with Nova Credit creates another opportunity for Scotiabank to support our customers, remove hurdles, and clear a path for newcomers to make a smooth transition to their new life in Canada,” added Tracy Gomes, senior vice president of retail customer value at Scotiabank.
“With Nova Credit’s Credit Passport, newcomers will be able to share their credit history with us digitally, instantly, and seamlessly, giving them access to the credit they’ve earned before coming to Canada and making it possible for Scotiabank to break down barriers for them to achieve their financial goals.”
