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Nova Credit & Royal Bank of Canada enable financial inclusion to newcomers

By Gloria Mathias

June 21, 2024

  • credit history
  • Financial Services
  • FinTech canada
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Nova Credit, Royal Challengers Bank of Canada, Financial Services, fintech News, Credit History, FinTevh News US, Fintech Canada, The Royal Bank of Canada (RBC) has collaborated with Nova Credit to leverage Credit Passport to deliver a real-time standardized credit history translation for RBC’s Global Credit Connect.

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. Historically, Canada’s new-to-country individuals have had no way to carry over their credit history, resulting in challenges with accessing financial services that often require credit checks, such as credit cards, auto loans, or cell phone plans.

Nova Credit’s new partnership with Royal Bank of Canada (RBC) is committed to providing tools and resources to improve newcomer arrival experiences. RBC’s Global Credit Connect with Credit Passport helps eligible RBC clients leverage their international credit history in Canada.

“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.”

RBC is collaborating with Nova Credit to leverage the 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’s 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 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 the right financial products and services.”

 

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