Royal Bank of Canada (RBC) has launched Global Credit Connect with Nova Credit, a cross-border credit bureau. The aim is to help eligible RBC newcomer clients leverage their international credit history in Canada.

Canada continues to welcome significant numbers of immigrants. And RBC is committed to being their bank of choice by creating tools and resources to improve newcomer arrival experiences.

Financial products can help give some newcomers more financial breathing room while they find and furnish a place to live, secure work opportunities, and adapt to life in a new country. However, newcomers to Canada are currently treated as ‘new to credit’. So, they cannot use their home country credit history to access appropriate credit products and solutions for their unique situations.

Global Credit Connect is a new RBC capability that helps solve this problem. It gives eligible clients the ability to translate their home country credit score and history into a Canadian equivalent. This can then be used in applications for RBC credit products and solutions.

“Every newcomer has a unique journey arriving in Canada. But many face similar roadblocks trying to access the right financial tools for their situation,” said Janet Boyle, senior vice president, Home Equity Financing & Newcomer Strategy at RBC.

“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.”

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Powering Global Credit Connect with the Credit Passport

RBC is collaborating with Nova Credit to use their Credit Passport product. This delivers a real-time standardised credit history translation for Global Credit Connect. Eligible clients will complete an online application through Nova Credit. This uses their home country credit bureau information such as tradelines, risk attributes and inquiry history to create equivalent credit scores for Canada.

“We are proud to partner with RBC to power Global Credit Connect with the Credit Passport. This unlocks access to credit data from over 2.7 billion individuals worldwide,” added Collin Galster, COO at Nova Credit.

“This partnership is a significant step forward in our commitment to newcomers to Canada. It helps them arrive and thrive with access to suitable financial products and services.”

Global Credit Connect is now available in participating RBC branches across Canada.

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HSBC partners with Nova Credit: first UK bank to offer newcomers access to overseas credit history