Banking
Canada — Banking: Credit History
Credit history is an important part of Canada's financial system and can influence access to loans, mortgages and other financial products. Credit reports are maintained by consumer reporting agencies in Canada, and consumers have rights relating to access and correction of their credit information. Newcomers generally need to establish Canadian credit history after arrival, since financial institutions assess applications using their own criteria and prior foreign credit history typically does not carry over.
Key facts
- Credit reports are maintained by consumer reporting agencies in Canada.
- Consumers have rights relating to access and correction of their credit information.
- Canadian credit history generally needs to be established after arrival — it does not carry over from other countries.
- Financial institutions may assess credit/loan applications using their own criteria.