As Canada continues to welcome significant numbers of immigrants this year, Royal Bank of Canada (RBC) is committed to being their bank of choice by creating tools and resources designed to improve newcomer arrival experiences.
RBC is announcing the launch of Global Credit Connect with Nova Credit, a cross-border credit bureau, to help eligible RBC newcomer clients “leverage their international credit history in Canada.”
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,” meaning 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 “by giving eligible clients the ability to translate their home country credit score and history into a Canadian equivalent, which can then be used in applications for RBC credit products and solutions.”
Janet Boyle, senior vice president, Home Equity Financing & Newcomer Strategy at RBC.
“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.”
RBC is collaborating with Nova Credit “to use their Credit Passport® product to deliver a real-time standardized credit history translation for Global Credit Connect.”
Eligible clients will complete “an online application through Nova Credit that uses their home country credit bureau information such as tradelines, risk attributes and inquiry history to create equivalent credit scores for Canada.”
Collin Galster, COO at Nova Credit said:
“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. 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.”
Global Credit Connect is currently available in participating RBC branches across Canada.
As noted in the update, Royal Bank of Canada is “a global financial institution with a purpose-driven, principles-led approach to delivering leading performance.”
Their success comes from the 98,000+ employees who “leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper.”
As Canada’s biggest bank, based on market capitalization, they have a diversified business model with a focus “on innovation and providing exceptional experiences to our more than 18 million clients in Canada, the U.S. and 27 other countries.”
As covered, Nova Credit is a credit infrastructure and analytics company that “enables businesses to grow responsibly by harnessing alternative credit data.”
The company is a CRA that “leverages its set of data sources, bank-grade infrastructure, compliance framework, and proprietary credit expertise to help lenders fill the gaps that exist in traditional credit analytics.”
Nova Credit serves as the bridge “between data and credit excellence, providing a comprehensive platform of solutions designed to give lenders across various industries – including finance, fintech, property management, telecom, and automotive – a competitive edge in the open finance era.”