Royal Bank of Canada has enlisted Nova Credit to help migrants leverage their international credit history when they arrive in the country.
Canada's immigration rates are soaring, with plans to welcome nearly 1.5 million permanent residents over the next three years.
RBC’s new Global Credit Connect is designed to simplify the financial transition that these new arrivals face. It uses Nova Credit’s Credit Passport - which holds credit data from over 2.7 billion people worldwide - to get real-time standardised credit history from the newcomers’ home country.
Eligible customers will complete an online application through Nova Credit that uses their home country's credit bureau information such as tradelines, risk attributes, and inquiry history to create equivalent scores for Canada.
Janet Boyle, SVP, home equity financing and newcomer strategy, RBC, says: “Every newcomer has a unique journey arriving in Canada, but many face similar roadblocks trying to access the right financial tools for their situation.
“We’re excited to work with Nova Credit to launch Global Credit Connect and create a simpler way for eligible newcomers to make a successful financial transition in Canada.”
The RBC deal marks US fintech Nova Credit's second major contract win in Canada, coming on the heels of a similar deal last year with Scotiabank.