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Do Canadian financial institutions check credit history from overseas?

No, Canadian financial institutions are not concerned with your credit history from a foreign country.

Creditworthiness is not a universal concept. Even though it is used to rate a borrower’s ability to repay loans, each country has its way of determining creditworthiness. Your creditworthiness may, however, affect your visa application.

For example, if you decide to move to Canada from a different country, your debt will be carefully examined before the visa is granted. If it appears as if you are trying to run from your debts, then the visa will be denied. But people coming from the US may have better luck getting a better credit rating in Canada. This is because the credit scoring system in both countries is very similar.

Nonetheless, there is no guarantee that your credit history in the United States will hold any sway over Canadian financial institutions. But if it’s good, then you stand a better chance of getting credit. Credit scores in both countries are calculated based on five key factors. They include payment history, length of credit history, credit utilization, new credit, and type of credit in use.

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