As Canada continues to welcome many immigrants this year, the Royal Bank of Canada (RBC) is committed to supporting newcomers by developing tools and resources that enhance their arrival experiences. RBC announced the launch of Global Credit Connect in partnership with Nova Credit, a cross-border credit bureau. This initiative helps eligible RBC newcomer clients leverage their international credit history in Canada.
Financial products can provide crucial support to newcomers, offering financial flexibility as they settle into their new environment, secure housing, find employment, and adapt to life in Canada. However, newcomers often face challenges because their home country credit history is not recognized in Canada, making it difficult to access suitable financial solutions.
Global Credit Connect addresses this issue by enabling eligible clients to convert their international credit score and history into a Canadian equivalent. This Canadian credit score can then be used to apply for RBC credit products and solutions, providing newcomers with the financial tools they need to succeed.
"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 of 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."
RBC's collaboration with Nova Credit utilizes Nova's Credit Passport product to offer a real-time, standardized credit history translation through Global Credit Connect. Eligible clients complete an online application via Nova Credit, which uses their home country credit bureau information to generate an equivalent Canadian credit score.
"We are proud to partner with RBC to power Global Credit Connect with the Credit Passport, unlocking access to credit data from over 2.7 billion individuals worldwide," said Collin Galster, COO at Nova Credit. "This partnership is a significant step forward in our commitment to newcomers to Canada, helping them arrive and thrive with access to suitable financial products and services."
With Global Credit Connect, RBC eases the financial transition for newcomers, allowing them to build a solid financial foundation from the moment they arrive.
