Business
Scotiabank Expands Partnership with Nova Credit to Enhance Digital Credit Access for Newcomers Across Canada
Scotiabank Expands Partnership with Nova Credit to Enhance Digital Credit Access for Newcomers Ac...
About this update from Bank Of Nova Scotia
[{"type":"text","content":"\n\n\n\n Scotiabank Expands Partnership with Nova Credit to Enhance Digital Credit Access for Newcomers Across Canada\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n Expansion will enable cross-border credit checks on Scotiabank's web and mobile applications for newcomers with foreign credit history.\n \n\n\n\n\n TORONTO\n \n\n ,\n \n\n Sept. 26, 2024\n \n\n /CNW/ - Scotiabank is helping recent immigrants to\n \n Canada\n \n settle into their new lives faster with the expansion of its\n \n partnership with\n \n Nova Credit\n \n\n\n\n 1\n \n\n , the leading cross-border credit bureau operating in\n \n Canada\n \n . Through this partnership, Scotiabank is helping newcomers from select countries\n \n\n 2\n \n\n with the opportunity to access higher credit limits, by allowing them to use their credit history from their original home country when applying online for increased credit limits.\n \n\n\n\n\n\n\n\n\n Credit invisibility, or lack of a credit record, can be a huge barrier to credit for those entering\n \n Canada\n \n , as access to the formal credit system traditionally requires existing local credit history. According to a Statistics Canada report\n \n\n 3\n \n\n that examined data from 2015-2019, approximately 26% of credit-invisible economic families in\n \n Canada\n \n were immigrants and those who had been in\n \n Canada\n \n for less than two years were almost twice as likely to be credit-invisible than those born in\n \n Canada\n \n .\n \n\n \"\n \n Canada\n \n relies heavily on the success of our immigrant population and the contributions they make to our economy,\" says\n \n Tanya Eisener\n \n , SVP Retail Customer at Scotiabank. \"In an increasingly digital world, a person's hist...