transferring credit history from your original country to Canada

[kkbaggio]

I have opened a bank account in Canada lately and they told me it will help me establish my life easier in Canada if I can transfer my credit history to Canada. Anyone experience this before? could you please share and advice please? as I called back to Hong Kong and the bank have no idea what I was talking about. Thanks.

 

[marsiangal]

I do not think the bank is the best people to talk to, to do that. Look for the credit reporting companies in Hongkong.
In Canada there is transunion and equifax. They are the one creditors contact to see if you have a good/bad credit report.

I looked it up and looks like there is a transunion hongkong.
You should probably contact them and see if this is even possible.

Cause as far as I know each country has their own credit bureau and you have to start from scratch. That is why most people like to get a credit card as soon as they get to Canada as well as a phone line etc. Cause these are easy ways to build your credit. As long as you pay your bills on time.
If you are planning to buy a house most banks look for a 2 year history for at least 2 creditors. And getting a car maybe harder cause the value depreciates unlike properties that appreciate. Probably depending on how much interest they are giving you, will make it easier or harder to get credit.

Anyways those are my thoughts I hope it helps.

 

[Leon]

You can also get an introduction letter from your bank stating that you are a good customer. A Canadian bank doesn't really have to give that any consideration if they don't want to but it may help.