Fifty-nine per cent of new Canadians say better access to credit would improve their living experience, finds TD

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Fifty-nine per cent of new Canadians say better access to credit would improve their living experience, finds TD Fifty-nine per cent of new Canadians say better access to credit would improve their living experience, finds TD /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } .prntac{ TEXT-ALIGN: CENTER } Canada NewsWire Survey finds 79% new Canadians who have applied for credit say it's challenging to build a credit history here TORONTO , Aug. 12, 2025 /CNW/ - As Canadians continue to navigate evolving economic realities, a new TD survey shows that newcomers who arrived in Canada within the last five years face challenges when it comes to the country's credit system. Among new Canadians surveyed who have applied for credit, three in five (59 per cent) agree they would have a more positive living experience in Canada if they had better access to credit and 79 per cent say it is difficult for newcomers to start building a credit history. Although these challenges are widely reported across the new Canadian community, it does not appear they are due to lack of understanding around the need for credit. According to the survey, 68 per cent of new Canadians say they were familiar with credit scores before arriving and 92 per cent believed it would be important to build a credit history here. When asked what types of credit new Canadians have applied for, the top three were credit cards (92 per cent), car loans (18 per cent) and mortgages (13 per cent) according to consumers surveyed. "For newcomers beginning their lives in Canada , getting off to a strong financial start can be incredibly challenging without access to the credit they need," said Muhammad Kara , Associate Vice President, New to Canada , Everyday Advice Journey, at TD. "We recognize just how critical it is for new Canadians to build a credit history as they establish themselves and set the foundation for their future here." Credit challenges raise concerns Despite their understanding of the importance of credit scores, new Canadians have identified significant barriers to entry around developing a strong credit history. The survey found 80 per cent of new Canadians had applied for cre...

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