Scotiabank Expands Partnership with Nova Credit to Help New Immigrants Access Higher 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 report 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.

Scotiabank is helping recent immigrants to Canada settle into their new lives faster with the expansion of its partnership with Nova Credit, the leading cross-border credit bureau operating in Canada.

Through this partnership, Scotiabank is helping newcomers from select countries 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.

“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 Credit partnership 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.

“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.”