Is my US credit worthless in Canada?
- Thread starter dacoru
- Start date
Canada's lending institutions will occasionaly perform a credit check if they either suspect you are trying to defraud them ir if you are trying to borrow a large sum of money.
In general, an application for a credit card, motrgage, personal loan etc is performed using only Canadian credit agencies. The problem you will have when landing in Canada is that you have no credit history - this can be as bad as having bad credit.
If I were you I would apply for a credit card straight away and establish a credit history.
In general, an application for a credit card, motrgage, personal loan etc is performed using only Canadian credit agencies. The problem you will have when landing in Canada is that you have no credit history - this can be as bad as having bad credit.
If I were you I would apply for a credit card straight away and establish a credit history.
Actually my mortgage broker in Canada says they will use my US report as they have some of the same bureaus they use...
Is it possible to hide my US credit history ?
I am a US resident but a citizen of another country.
Can I conceal US credit history by not disclosing I had
anything to do with the US?
I am a US resident but a citizen of another country.
Can I conceal US credit history by not disclosing I had
anything to do with the US?
You might not want to ask questions like this on the internet, you might want to check with a lawyer about your particular situation. Who are you trying "not to disclose" your US credit history to? In general you need to give someone permission to access your US credit file. Some Canadian mortgage lenders, if they know you used to live in the US, will ask your permission to check your US file. You don't have to give it to them if you think it will hurt you, but then they may not give you credit. US and Canadian credit bureaus, credit providers, etc. are regulated by different laws. Information from one report should not show up in another.SubatomicBionicNanoMan said:
That's not entirely true. Some mortgage lenders will consider your US credit and some banks with branches in both countries will consider your US credit history for credit cards, etc. You have to be willing to let thm look at your US credit report however.todiefor said:
Only if you tell them you have US history, usually the newly landed immigrants are not looking to buy the house (in most cases) immediately.
If you have bad credit, you don't want to tell them that you have US history and they will never be able to check your report unless you give your social security number and have them check it for you. If you have good credit, then its a different story they will only look at your US history and may be make an exception, but it will never be linked to Canadian credit system, it is only to evaluate and judge your credit application.
If you have bad credit, you don't want to tell them that you have US history and they will never be able to check your report unless you give your social security number and have them check it for you. If you have good credit, then its a different story they will only look at your US history and may be make an exception, but it will never be linked to Canadian credit system, it is only to evaluate and judge your credit application.
Companies are may be the same, but they only store records and they are not banks who are lending you money. You will put your name and date of birth and SIN, your credit in Canada will come up not the USA one, these companies are not working for banks that they start investigating you further around the world that if you ever had a bad credit, they don't have your PR file that they know you lived in Europe, US or Australia etc. The question is, can they find out? sure they can if an agency like FBI in Canada ask them to investigate.
They don't do a background checks of any kind, all they do is store public data. They are Data storage companies and not working for the banks that they investigate each applicant further and further unless some kind of government is involved, legal issues or criminal problems then authorities asked them to do so otherwise they will not be able to tell you what you had in the past in other countries. Of course, if you had bad credit lets say with Bank of America, you will not go and ask the credit from them, they will find you out in few minutes because they will run a match for you on their records.
Make sense?
They don't do a background checks of any kind, all they do is store public data. They are Data storage companies and not working for the banks that they investigate each applicant further and further unless some kind of government is involved, legal issues or criminal problems then authorities asked them to do so otherwise they will not be able to tell you what you had in the past in other countries. Of course, if you had bad credit lets say with Bank of America, you will not go and ask the credit from them, they will find you out in few minutes because they will run a match for you on their records.
Make sense?
In the United States, it is illegal for someone to access your credit file w/o your permission. When you apply for credit in Canada you are generally not giving the Canadian creditor permission to access your US credit file. If you make it known to your Canadian creditor that you used to live in the United States, they may ask for your permission to check your US credit file. This may occur if you apply for a mortgage. You don't have to give them permission to check your US file, but they do not have to give you credit. The information in your US file may help or hurt you get credit in Canada, but that is only if you give the Canadian creditor permission to see it.
it doesn't matter that the credit files are run by the same companies. The systems in the two countries are governed by different laws and therefore can't be mixed. They are entirely separate. Transunion could be sued in US court if they disclosed your credit to Canadian creditors w/o your permission and I imagine it is the same the other way around.
it doesn't matter that the credit files are run by the same companies. The systems in the two countries are governed by different laws and therefore can't be mixed. They are entirely separate. Transunion could be sued in US court if they disclosed your credit to Canadian creditors w/o your permission and I imagine it is the same the other way around.
Utterly worthless, and don't let anyone tell you any different.
TransUnion & Equifax do not talk to each other between the two countries. A mortgage lender couldn't care less about your credit worthiness in another country because they can't seek redress in that country to recover money or assets should you default.
Credit card companies also don't care what cards you had in the other country either. If you are moving to Canada you will be lucky to get a credit card from a Canadian bank with anything more than a $500 limit, unless you're making a pile of money. After 7 years in the US of A, with 3 cards with low interest rates, a #30,000 401k, about $15,000 in cash, a credit rating there of 890 (which put me in the top 3% BTW), when I moved back to Canada not only had my credit rating entirely disappeared, I actually had to post $500 from my Cdn. chequing account to secure a card with a $500 limit.....at an outrageous, usurious 19.2 % p.a.
TransUnion & Equifax do not talk to each other between the two countries. A mortgage lender couldn't care less about your credit worthiness in another country because they can't seek redress in that country to recover money or assets should you default.
Credit card companies also don't care what cards you had in the other country either. If you are moving to Canada you will be lucky to get a credit card from a Canadian bank with anything more than a $500 limit, unless you're making a pile of money. After 7 years in the US of A, with 3 cards with low interest rates, a #30,000 401k, about $15,000 in cash, a credit rating there of 890 (which put me in the top 3% BTW), when I moved back to Canada not only had my credit rating entirely disappeared, I actually had to post $500 from my Cdn. chequing account to secure a card with a $500 limit.....at an outrageous, usurious 19.2 % p.a.
GustheCat is right and I do agree with him too.
My advisor at the bank exactly told me the same in reponse to my question why he can't go and check my credit history back home in Europe to see that I 've always been paying off my debt in large amounts and faster than the credit company wanted me to do so or to even see me doing it and yet, I was told that the moment one leaves his/her native land, your entire credit history becomes worthless and doesn't matter what you 've done or will have been doing which is not fair or may sound unfair, but I am no judge and yes, had to use a few hundred bucks as colateral and wait it all out.
Hopefully, they will soon approve my application which is also linked to the Aeroplan Program ( Air Canada ) so that the moment I start buying stuff on credit, or using my CC, I can also earn points, like 1 point for each dollar spent on goods, and start building a new credit history.
Apply for a new CC asap and ask your bank in Canada for help.
My advisor at the bank exactly told me the same in reponse to my question why he can't go and check my credit history back home in Europe to see that I 've always been paying off my debt in large amounts and faster than the credit company wanted me to do so or to even see me doing it and yet, I was told that the moment one leaves his/her native land, your entire credit history becomes worthless and doesn't matter what you 've done or will have been doing which is not fair or may sound unfair, but I am no judge and yes, had to use a few hundred bucks as colateral and wait it all out.
Hopefully, they will soon approve my application which is also linked to the Aeroplan Program ( Air Canada ) so that the moment I start buying stuff on credit, or using my CC, I can also earn points, like 1 point for each dollar spent on goods, and start building a new credit history.
Apply for a new CC asap and ask your bank in Canada for help.