The credit reporting company said Thursday that the Global Consumer Credit File will make it easier for immigrants to get services like loans and cell phone plans in Canada by providing more data.
“It's very important when new arrivals get access to the financial services system, and without a credit history that's very difficult to do,” said Sue Hutchison, head of Equifax Canada.
“Generally they want to, you know, rent an apartment, get a cell phone, maybe a credit card, and all of those things require a credit history. So not having it makes it very difficult for newcomers.”
Earning, saving and spending in Canada: A guide for new immigrants
What is Nova Credit? What does it offer?
Equifax is not the first to introduce such a program in Canada. San Francisco-based Nova Credit, launched in 2016 to provide access to global credit scores, expanded into Canada last year through a partnership with Scotiabank.
The company has since expanded through partnerships with RBC, BMO and Rogers Communications Inc., among others.
Nova Credit partners with several credit bureaus, including Equifax, to provide data from more than 20 countries. As Equifax becomes a competitor in the space, Hutchison said discussions are ongoing about data access going forward.
Obtaining a foreign credit score through Equifax
Equifax, which has operations or investments in 24 countries, will have the advantage of being a direct provider of data from its foreign offices, Hutchison said.
“It will come directly from us. So that, I think, is very attractive to the lenders themselves that they will be dealing directly with the credit bureau. “
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