BMO & Nova Credit help newcomers to Canada make financial progress

By Gloria Mathias

Bank of Montreal has announced a new partnership with Nova Credit, the cross-border credit bureau, to help eligible BMO customers access their international credit histories and gain greater access to credit products in Canada.

By integrating Nova Credit’s Credit Passport into the credit application process, newcomers from nine countries, including Australia, India, Kenya, Mexico, the Philippines, Spain, South Korea, Switzerland and the United Kingdom, can access their international credit score to help establish credit in Canada.

Credit Passport® seamlessly and securely integrates into a financial institution’s credit application process, enabling applicants’ foreign credit records and scores to be instantly accessed and translated. With access to trusted financial advice, tools and resources, newcomers can conveniently plan their journey and more easily transition their lives.

“Understanding that building a life in a new country can be an exciting but complex emotional and financial journey, BMO’s partnership with Nova Credit builds on our ongoing commitment to helping customers make real financial progress wherever they are,” said Sumit Sarkar, Head, Customer Growth & Segments, BMO. “By providing convenient, personalized tools from pre-arrival and onwards, newcomers to Canada will be empowered to embark on their new journey with confidence and be ready to pursue their goals in their new home.”

“We are delighted and proud to announce our partnership with BMO, expanding our reach and support for newcomers in Canada,” said Collin Galster, COO, Nova Credit. “Our collaboration with BMO underscores the necessity of lenders to serve all customers fairly and responsibly, and a reminder that financial inclusion for newcomers demands that opportunity is not limited by where a person comes from but rather where they are going.”

This solution will first be available in select branches throughout British Columbia and the Greater Toronto Area, with plans to make the program available nationwide.

Newcomers have access to CreditView (powered by TransUnion) to check their credit scores and reports for free. This service provides newcomers with insights into their creditworthiness, which is essential for establishing financial stability in a new country. CreditView’s no-fee feature ensures that newcomers can stay informed about their credit health with ease and convenience.