Canada is home to over eight million immigrants and will welcome nearly 1.5 million permanent residents over the next three years. More than 1 in 5 Canadian residents are foreign-born, and government figures show that more than 95% of the country’s population growth last year was due to international migration.
However, historically, Canada’s new-to-country individuals have had no way to carry over their credit history, resulting in challenges with accessing financial services that often require credit checks like credit cards, auto loans, or cell phone plans.
Thanks to a new partnership with Scotiabank, Nova Credit is the first, and only, cross-border credit bureau to operate in Canada and serve Canadian newcomers.
With today’s news, 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.
Nova Credit is the world’s leading consumer-permissioned credit bureau and Nova Credit’s Credit Passport® unlocks cross-border credit bureau data to help businesses underwrite new-to-country newcomer populations.
“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,” said Tracy Gomes, Senior Vice President, Retail Customer Value, 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.”
Nova Credit’s Credit Passport® is seamlessly integrated into a financial institution’s credit application process so newcomers can opt in to share their home-country credit information to be approved for 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.
“Canada’s population growth ranked the highest among the G7 countries thanks to immigration. With its history as a world-leading, multicultural community for both its people and its businesses, Canada continues to be a significant attractor of international talent,” said Misha Esipov, co-founder and CEO of Nova Credit.
“The innovative efforts to effectively bring value to this growing newcomer population are clearly demonstrated by organizations like Scotiabank whose cultural fabric prioritizes financial innovation. We are excited to be partnering with Scotiabank on such an important initiative, and look forward to making a meaningful impact on the Canadian immigrant population together.”
This new partnership builds on Scotiabank’s ongoing commitment to support newcomers, including through the Scotiabank StartRight® Program which provides personalized support to newcomers.
The program will first launch in the Greater Toronto Region with the intent of expanding availability to customers across Canada.
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