Credit history for Mortgage Loans (Coming from the US)

[Daerian]

I have a healthy and lengthy credit history in the US but I will be moving (aprox. 2 years) with my Canadian spouse to Canada and I'm worried about the credit score and history since AFAIK Transunion, Equifax and others don't share credit history information across countries.

Is there a way for Canadian banks to get that information? Would I be considered entirely new credit?

Thanks.

 

[Naturgrl]

I have a healthy and lengthy credit history in the US but I will be moving (aprox. 2 years) with my Canadian spouse to Canada and I'm worried about the credit score and history since AFAIK Transunion, Equifax and others don't share credit history information across countries.

Is there a way for Canadian banks to get that information? Would I be considered entirely new credit?

Thanks.

Your credit history doesn’t “change” countries as each country has its own reporting systems and regulations. You start new.

 

[YVR123]

I have a healthy and lengthy credit history in the US but I will be moving (aprox. 2 years) with my Canadian spouse to Canada and I'm worried about the credit score and history since AFAIK Transunion, Equifax and others don't share credit history information across countries.

Is there a way for Canadian banks to get that information? Would I be considered entirely new credit?

Thanks.

You don't have to be worried. You are starting from fresh. Build your credit history.

If you wants to get a mortgage from bank...etc, most of them have special program for new immigrants/settlers.
They will look at your previous job and may be credit information. (usually needs a bit larger down payment)
Talk to a mortgage broker.

 

[Sophler]

In Canada, it`s important to have a good credit history. It shows how a borrower pays back the money he or she has borrowed, a list of paid and unpaid debts at different financial institutions, and a rating on these debts. Credit data is regularly collected and stored by credit bureaus. Lenders check credit history when they issue credit cards, make loans to buy a car or real estate, or enter into withdrawal agreements. It also helps to assess your financial risks and determine your customers' ability to pay. So you should take care of this before you move. You can also turn to mortgages for sole traders if you have questions about your finances.

 

[Limourchik]

Even if you had an excellent credit history in your previous country of residence, as a rule, it doesn't carry over to either the United States or Canada. Credit reports contain information only about the creditors of their country. Some of them may want to use your previous loan. However, with little effort, immigrants can build a new good credit history from zero in a few months using a reverse mortgage, such as goodlifehomeloans.com. The scheme is next: you take out a loan, pay it back as best you can, and when the term comes to an end, you take out a reverse mortgage for the missing amount and pay off your loan in full.

 

[Rollo Duitscher]

I advise you to contact Mortgage Advice Newcastle, which will help you decide what to do with your credit history so that it does not disappear in another country and you are not considered a new lender. Most likely, for this process, you should request papers stating that you took out a loan and your credit history is impeccable in the banks where you took out a loan and certify all this with a notary's signature and seal. Maybe they will advise you something else, but one thing I know for sure, the main thing is not to worry and remember that you will succeed. In any case, you may not need a loan in Canada and you can easily cope there without it.

 

[midionarten]

Hi! It would be best if you studied Credit Score. Every person in Canada who has ever had a credit or card issued has a so-called credit score — this is the number of points from 300 to 900, showing the degree of risk to the bank when issuing you a loan. If you rent an apartment, the agency you apply to will check your scores. And if they are unsatisfactory, you may be refused. Similarly, when issuing a loan. And even if you are not refused (with a low credit score), the interest rate on loan will probably be significantly higher. Moreover, the presence of a good credit score is so serious that banks even say that at a value below 650, it is impossible to issue a mortgage. In America, this is much easier because I just used a specialist from Mortgage Broker Wakefield, and they did everything for me.

 

[steaky]

Every person in Canada who has ever had a credit or card issued has a so-called credit score

Does this include supplementary credit card holders?

 

[rmacraj]

I have a healthy and lengthy credit history in the US but I will be moving (aprox. 2 years) with my Canadian spouse to Canada and I'm worried about the credit score and history since AFAIK Transunion, Equifax and others don't share credit history information across countries.

Is there a way for Canadian banks to get that information? Would I be considered entirely new credit?

Thanks.

There are some financial institutions which consider credit scores of other countries. You can DM me if you need more information.

 

[steaky]

There are some financial institutions which consider credit scores of other countries. You can DM me if you need more information.

Don't you think it's a bit late?

 

[rmacraj]

Don't you think it's a bit late?

Shared my thoughts as it could be useful for others and this is one of the most commonly asked questions.