The credit score reporting firm mentioned Thursday that the International Client Credit score File will make it simpler for immigrants to entry providers like loans and cellphone plans in Canada by offering the extra knowledge.
“It’s actually vital when newcomers land that they get entry to the monetary providers ecosystem, and with out credit score historical past that’s very tough to do,” mentioned Sue Hutchison, head of Equifax Canada.
“They’re usually seeking to, you understand, hire an condo, get a cell phone, most likely a bank card, and all of these issues require credit score historical past. So not having it makes it very tough for newcomers.”
Incomes, saving and spending in Canada: A information for brand 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 world credit score rating entry, expanded into Canada final yr 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 international locations. With Equifax turning into a competitor within the house, Hutchison mentioned conversations are underway round knowledge entry going ahead.
Overseas credit score rating sourcing with Equifax
Equifax, which has operations or funding in 24 international locations, can have the benefit of being the direct supplier of information from its overseas bureaus, mentioned Hutchison.
“It’s going be coming instantly from us. In order that’s, I feel, very enticing to the lenders themselves that they’ll be dealing instantly with the credit score bureau.”