Expansion will enable cross-border credit checks on Scotiabank's web and mobile applications for newcomers with foreign credit history.
TORONTO, Sept. 26, 2024 /CNW/ - Scotiabank is helping recent immigrants to Canada settle into their new lives faster with the expansion of its partnership with Nova Credit1, the leading cross-border credit bureau operating in Canada. Through this partnership, Scotiabank is helping newcomers from select countries2 with the opportunity to access higher credit limits, by allowing them to use their credit history from their original home country when applying online for increased credit limits.
Credit invisibility, or lack of a credit record, can be a huge barrier to credit for those entering Canada, as access to the formal credit system traditionally requires existing local credit history. According to a Statistics Canada report3 that examined data from 2015-2019, approximately 26% of credit-invisible economic families in Canada were immigrants and those who had been in Canada for less than two years were almost twice as likely to be credit-invisible than those born in Canada.
"Canada relies heavily on the success of our immigrant population and the contributions they make to our economy," says Tanya Eisener, SVP Retail Customer at Scotiabank. "In an increasingly digital world, a person's history doesn't have to start over when they move to a new country. Being able to access their foreign credit report through Nova Credit's credit service allows us to get a better understanding of their credit risk and ultimately help them settle in Canada faster."
Since the initial first-to-market Nova Creditpartnership launch in 2023, Scotiabank has been able to help provide newcomer clients with access to their foreign credit reports to request credit or a higher credit limit of up to 2x more than they would have received without this innovation capability.
"I recently had a client who came to Canada from India. Through Nova Credit's credit service, we were able to use his home country's credit history and offer him a higher limit on his credit card than most of his newcomer friends," says Guneet Saluja, Sr. Financial Advisor in Brampton, ON. "My clients are excited to be in Canada and enthusiastic about contributing to their new home country. Being able to help them leverage their old life to launch this new chapter is very rewarding."
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1 Nova Credit reporting service is provided by a third party (Nova Credit). The Bank of Nova Scotia is not responsible for this service including any credit reports or scores provided using the service. Accessing your credit report through Nova Credit may impact your credit score. Please refer to this link for more details.
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2 Select countries include Australia, India, Kenya, Mexico, Nigeria and more
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3 https://www150.statcan.gc.ca/n1/pub/36-28-0001/2023009/article/00001-eng.htm
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Scotiabank's Additional Support for Newcomers includes:
- Scotiabank StartRight® Program provides personalized support to newcomers4, helping them gain access to a no fee chequing account for 1 year, credit, savings accounts, no-fee international money transfers and advice and solutions from Scotia Advisors.
- Scotiabank's Advice+ Centre helps newcomers navigate the Canadian banking landscape with trusted information about Canadian banking products, services, common banking topics, and a range of new options to seek financial advice.
- Scotia Smart Money powered by Advice+, a digital budgeting app, and hybrid platforms like Scotia Smart Investor empower Scotia clients to take more control over their finances.
- ScotiaRISE, Scotiabank's 10-year, $500 million initiative to help strengthen economic resilience among disadvantaged groups, including helping newcomers as they settle and establish social and financial stability in Canada.
To learn more visit here.
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4 Scotiabank StartRight® Program is available only for Canadian Permanent Residents from 0-5 years in Canada, International Students and Foreign Workers.
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About Scotiabank
Scotiabank's vision is to be our clients' most trusted financial partner, to deliver sustainable, profitable growth, and maximize total shareholder return. Guided by our purpose: "for every future," we help our clients, their families, and their communities achieve success through a broad range of advice, products, and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With assets of approximately $1.4 trillion (as at July 31, 2024), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on X @Scotiabank.
About Nova Credit
Nova Credit is a cross-border credit bureau that is rewiring consumer financial data infrastructure with smarter credit analytics. It leverages its unique data infrastructure, compliance framework, and credit expertise to help lenders fill in the gaps that exist in traditional credit analytics. Nova Credit provides access to the fragmented universe of consumer financial data and transforms it into compliant, actionable risk analytics through a suite of solutions designed to increase conversions through expanded coverage, speed, and reliability. Leading organizations, such as American Express, Verizon, HSBC, SoFi, Appfolio, and Yardi, work with Nova Credit to reach new-to-country consumers with Credit Passport®, make smarter credit decisions through cash flow underwriting with Cash Atlas™, and quickly and accurately verify income with Income Navigator. Learn more at https://www.novacredit.com or reach out to connect@novacredit.com.
SOURCE Scotiabank
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