According to a Statistics Canada report released last year, all immigrant families, regardless of years in Canada, were less likely than Canadian-born families to have access to lines of credit.
The same data also revealed that approximately 26% of credit-invisible economic families were immigrants.
As new Canadians work to create roots in this country, credit history is critical.
Calgary-headquarterd Neo Financial is helping new Canadians put down financial roots with today’s announcement that the Neo Secured Credit card, along with all Neo credit card products, will now report to Equifax Canada.
RELATED: Neo Financial is hiring on Techtalent.ca
This new reporting is in addition to its existing reporting to TransUnion, giving Canadians a full credit profile for broader lender acceptance.
Finding a home or vehicle can be difficult without a successful credit check. With a quick approval process and cashback on everyday purchases, new and existing Canadian residents will receive immediate and tangible benefits with the Neo Secured Credit card.
“We’re thrilled to be offering Canadians, particularly newcomers or those looking to improve their credit profile, an easy way to earn cashback, and establish credit history” said Andrew Chau, CEO and Co-Founder at Neo Financial.
“The Neo Secured Credit card is needed now more than ever. Both new and existing Canadians are constantly playing catch up. It can be stressful trying to balance everyday needs while trying to build credit without credit history, especially for newcomers to Canada. At Neo we’re focused on improving the Canadian financial experience and reducing financial stress wherever possible.”
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