Equifax launches foreign credit score sourcing program for newcomers
Equifax Inc. is launching a program to allow newcomers to transfer their foreign credit history to Canada.
The credit reporting company said Thursday that the Global Consumer Credit File will make it easier for immigrants to access services like loans and cellphone plans in Canada by providing the additional data.
“It’s really important when newcomers land that they get access to the financial services ecosystem, and without credit history that's very difficult to do,” said Sue Hutchison, head of Equifax Canada.
“They're typically looking to, you know, rent an apartment, get a mobile phone, probably a credit card, and all of those things require credit history. So not having it makes it very difficult for newcomers.”
Equifax isn’t the first to launch such a program in Canada. San Francisco-based Nova Credit, which launched in 2016 to provide global credit score access, expanded into Canada last year in a partnership with Scotiabank.
The company has since expanded with partnerships at 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. With Equifax becoming a competitor in the space, Hutchison said conversations are underway around data access going forward.
Equifax, which has operations or investment in 24 countries, will have the advantage of being the direct provider of data from its foreign bureaus, said Hutchison.
“It's going be coming directly from us. So that's, I think, very attractive to the lenders themselves that they'll be dealing directly with the credit bureau.”
The program will initially provide data from India, but the plan is to extend it to Brazil, Argentina and Chile over the coming months. Longer-term, it plans to include 18 countries in total.
Equifax will use both the data from its own operations and source from other bureaus to provide the data.
Because countries have different ways of creating credit scores, Equifax plans to provide lenders a Canadian score, a global score and a calibrated blend of both.
The program comes as Canada has seen elevated immigration in recent years, while Hutchison said Equifax’s now cloud-based platform also makes it easier to share the data securely.
This report by The Canadian Press was first published Oct. 24, 2024
CTVNews.ca Top Stories
Trump making 'joke' about Canada becoming 51st state is 'reassuring': Ambassador Hillman
Canada’s ambassador to the U.S. insists it’s a good sign U.S. president-elect Donald Trump feels 'comfortable' joking with Canadian officials, including Prime Minister Justin Trudeau.
Mexico president says Canada has a 'very serious' fentanyl problem
Foreign Affairs Minister Mélanie Joly is not escalating a war of words with Mexico, after the Mexican president criticized Canada's culture and its framing of border issues.
Quebec doctors who refuse to stay in public system for 5 years face $200K fine per day
Quebec's health minister has tabled a bill that would force new doctors trained in the province to spend the first five years of their careers working in Quebec's public health network.
Freeland says it was 'right choice' for her not to attend Mar-a-Lago dinner with Trump
Deputy Prime Minister and Finance Minister Chrystia Freeland says it was 'the right choice' for her not to attend the surprise dinner with Prime Minister Justin Trudeau at Mar-a-Lago with U.S. president-elect Donald Trump on Friday night.
'Sleeping with the enemy': Mistrial in B.C. sex assault case over Crown dating paralegal
The B.C. Supreme Court has ordered a new trial for a man convicted of sexual assault after he learned his defence lawyer's paralegal was dating the Crown prosecutor during his trial.
Bad blood? Taylor Swift ticket dispute settled by B.C. tribunal
A B.C. woman and her daughter will be attending one of Taylor Swift's Eras Tour shows in Vancouver – but only after a tribunal intervened and settled a dispute among friends over tickets.
Eminem's mother Debbie Nelson, whose rocky relationship fuelled the rapper's lyrics, dies at age 69
Debbie Nelson, the mother of rapper Eminem whose rocky relationship with her son was known widely through his hit song lyrics, has died. She was 69.
NDP won't support Conservative non-confidence motion that quotes Singh
NDP Leader Jagmeet Singh says he won't play Conservative Leader Pierre Poilievre's games by voting to bring down the government on an upcoming non-confidence motion.
Canadians warned to use caution in South Korea after martial law declared then lifted
Global Affairs Canada is warning Canadians in South Korea to avoid demonstrations and exercise caution after the country's president imposed an hours-long period of martial law.
Local Spotlight
N.S. teacher, students help families in need at Christmas for more than 25 years
For more than a quarter-century, Lisa Roach's middle school students have been playing the role of Santa Claus to strangers during the holidays.
N.S. girl battling rare disease surprised with Taylor Swift-themed salon day
A Nova Scotia girl battling a rare disease recently had her “Wildest Dreams” fulfilled when she was pampered with a Swiftie salon day.
Winnipeg city councillor a seven-time provincial arm wrestling champ
A Winnipeg city councillor doesn’t just have a strong grip on municipal politics.
Watch: Noisy throng of sea lions frolic near Jericho Beach
A large swarm of California sea lions have converged in the waters near Vancouver’s Jericho and Locarno beaches.
Auburn Bay residents brave the cold to hold Parade of Lights
It was pretty cold Saturday night, but the hearts of those in a southeast Calgary neighbourhood warmed right up during a big annual celebration.
Three million grams of cereal collected to feed students in annual Cereal Box Challenge
The food collected will help support 33 breakfast and snack programs in the Greater Essex County District School Board.
Regina's LED volume wall leaving Sask. months after opening
Less than a year after an LED volume wall was introduced to the film world in Saskatchewan, the equipment is making its exit from the province.
Temperature records broken, tied following latest snowfall in Saskatchewan
Saskatchewan received yet more snow as winter continues to ramp up on the prairies. With the increased precipitation, communities have recorded dipping temperatures – with a handful breaking or tying longstanding records.
'My dear Carmel': Lost letters returned to 103-year-old Guelph, Ont. woman
A young history buff was able to reunite a Guelph, Ont. woman with letters written by her husband almost 80 years ago.