Can USA credit report/score be used in Canada?

L

lhy

Registered Users (C)
Hello,

Appreciate if someone can answer this question?

I have established a very good credit history and score (over 800 FICO score) in USA. I have no credit history in Canada though. If I migrate to Canada, can I use USA credit in Canada. For example, how can I get mortgage loan with good rate based on my FICO score?

Thank you.
 
The credit system in Canada is independent of the credit system of any other country. That means, that once you come to Canada, your credit will start over. This can be bad news for some people if they have worked hard to maintain excellent credit in other countries. If you are buying large property, exceptions can be made based on your broker and the relationship you have with your bank. If I was in your situation, I would call around some banks and mortgage brokers and explore your best options. If you have enough money for a good, large down payment, your credit should be established here very quickly, if you are a Permanent Resident in Canada.

Best of luck!
 
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