The credit score reporting firm mentioned Thursday that the World Client Credit score File will make it simpler for immigrants to entry companies like loans and cellphone plans in Canada by offering the extra information.
“It’s actually vital 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 sometimes trying to, you understand, lease an residence, get a cell phone, in all probability a bank 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 offer 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 offer information from greater than 20 nations. With Equifax turning into a competitor within the area, Hutchison mentioned conversations are underway round information 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 international bureaus, mentioned Hutchison.
“It’s going be coming instantly from us. In order that’s, I believe, very engaging to the lenders themselves that they’ll be dealing instantly with the credit score bureau.”