RBC launches Global Credit Connect with Nova Credit to help create a smoother financial start for newcomers to Canada

TORONTO, June 18, 2024 /CNW/ - As Canada continues to welcome significant numbers of immigrants this year, Royal Bank of Canada (RBC) is committed to being their bank of choice by creating tools and resources designed to improve newcomer arrival experiences. Today, RBC is announcing the launch of Global Credit Connect with Nova Credit, a cross-border credit bureau, to help eligible RBC newcomer clients leverage their international credit history in Canada.

Financial products can help give some newcomers more financial breathing room while they find and furnish a place to live, secure work opportunities, and adapt to life in a new country. However, newcomers to Canada are currently treated as "new to credit," meaning they cannot use their home country credit history to access appropriate credit products and solutions for their unique situations.

Global Credit Connect is a new RBC capability that helps solve this problem by giving eligible clients the ability to translate their home country credit score and history into a Canadian equivalent, which can then be used in applications for RBC credit products and solutions.

"Every newcomer has a unique journey arriving in Canada, but many face similar roadblocks trying to access the right financial tools for their situation," said Janet Boyle, senior vice president, Home Equity Financing & Newcomer Strategy at RBC. "We're excited to work with Nova Credit to launch Global Credit Connect and create a simpler way for eligible newcomers to make a successful financial transition in Canada."

RBC is collaborating with Nova Credit to use their Credit Passport® product to deliver a real-time standardized credit history translation for Global Credit Connect. Eligible clients will complete an online application through Nova Credit that uses their home country credit bureau information such as tradelines, risk attributes and inquiry history to create equivalent credit scores for Canada.

"We are proud to partner with RBC to power Global Credit Connect with the Credit Passport®, unlocking access to credit data from over 2.7 billion individuals worldwide," said Collin Galster, COO at Nova Credit. "This partnership is a significant step forward in our commitment to newcomers to Canada, helping them arrive and thrive with access to suitable financial products and services."

Global Credit Connect is currently available in participating RBC branches across Canada. Visit RBC's website to learn more about other services and products available to newcomers.

To learn more about Nova Credit, visit https://www.novacredit.com/canada.

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 98,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 18 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.

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Nova Credit is a credit infrastructure and analytics company that enables businesses to grow responsibly by harnessing alternative credit data. The company is a CRA that leverages its unique set of data sources, bank-grade infrastructure, compliance framework, and proprietary credit expertise to help lenders fill the gaps that exist in traditional credit analytics. Nova Credit serves as the bridge between data and credit excellence, providing a comprehensive platform of solutions designed to give lenders across various industries - including finance, fintech, property management, telecom, and automotive - a competitive edge in the open finance era. Its cross-border credit product, Credit Passport®, cash flow underwriting product, Cash Atlas™, and income verification product, Income Navigator, are used by leading organizations like American Express, Verizon, HSBC, SoFi, Scotiabank, and Yardi. Nova Credit is backed by investors including Kleiner Perkins, General Catalyst, Index Ventures, and Canapi Ventures.

SOURCE RBC Royal Bank