The credit reporting company said Thursday that the Global Consumer Credit File will make it easier for immigrants to access services like credit and cellphone plans in Canada by providing additional data.
“When newbies land, it’s really important that they get access to the financial services ecosystem, and without credit history that’s very difficult,” said Sue Hutchison, head of Equifax Canada.
“Typically they want to rent an apartment, get a cell phone, probably a credit card, and all of those things require a credit history. So if you don’t have it, it’s very difficult for newbies.”
Earning, Saving and Spending in Canada: A Guide for New Immigrants
What is Nova Credit? What does it offer?
Equifax will not be the primary to launch such a program in Canada. San Francisco-based Nova Credit, which was founded in 2016 to offer global access to credit scores, expanded into Canada last yr in a partnership with Scotiabank.
Since then, the corporate has grown through partnerships with RBC, BMO and Rogers Communications Inc., amongst others.
Nova Credit works with multiple credit reporting agencies, including Equifax, to offer data from greater than 20 countries. As Equifax becomes a competitor on this space, discussions are underway about future data access, Hutchison said.
Sourcing Foreign Credit Scores with Equifax
Equifax, which operates or invests in 24 countries, could have the advantage of being the direct data provider to its foreign offices, Hutchison said.
“It will come directly from us. So I think it’s very attractive for the lenders themselves to work directly with the credit reporting agency.”
