Can I use my US credit report in Canada?

Unfortunately, your U.S. credit history will not transfer to Canadian credit reporting companies when you move. Each country has its own credit reporting system, with unique systems and different laws regulating them, so the information isn’t shared across borders.

Is credit score the same in US and Canada?

Canada’s credit scoring is similar to the U.S. system. For instance: Scores are on a common range (in this case from 300 to 900), and higher is better. The two major credit reporting bureaus are TransUnion Canada and Equifax Canada.

Is Equifax Canada and US the same?

The Equifax group of companies includes Equifax Canada Co., which is a registered Canadian credit bureau that maintains Canadian credit report information, and Equifax Information Services LLC, which is a credit bureau that maintains U.S. credit report information.

What happens to my American debt if I move to Canada?

Perhaps the most important item to note, is that your credit score cannot come with you. That’s right, you’ve got to leave it at home. … If you have awful credit, the good news is that successfully immigrating to Canada will mean you leave it behind, but it doesn’t absolve you of your debts.

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Can US creditors follow you to Canada?

Your US creditors can, and likely will, pursue you in that jurisdiction. … To pursue you for collection in Canada, a US creditor would first have to obtain a judgment in the United States, then bring that judgment to a Canadian court to have the debt acknowledged in Canada.

What credit score is used in Canada?

The score that most Canadian lenders use is called a FICO score, previously known as the Beacon score. FICO, which is a U.S. company, sells its score to both Equifax and TransUnion. FICO says 90 per cent of Canadian lenders use it, including major banks.

Does using Equifax lower credit score?

While pulling your Equifax credit report, or a credit score based on the information in it, will generally result in a soft inquiry, it will not affect your credit scores. If you see information on your credit report that appears to be inaccurate or incomplete, you can contact Equifax for free and we will look into it.

Is Equifax in Canada?

Equifax Canada is a registered Canadian consumer reporting agency and complies with the applicable provincial legislation regarding the collection, use, and sharing of personal data used in consumer credit reports. Equifax Canada’s consumer credit database is located in Canada.

What is an excellent credit score?

Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

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Can US debt affect Canadian credit?

In short, while it’s costly for lenders to pursue your debts internationally, it’s still possible that they will choose to do so. Your credit score is not immune to any international debt either, so your best course of action is to pay off anything you owe, even if it’s across the border.

Can you move to Canada to avoid debt?

Technically, yes, but it’s so costly that most collectors wouldn’t bother going through the process. In order to pursue you in Canada, the collector or lender would first need to get a judgment against you in a U.S. court.

Can Canadian debt affect American credit?

Unfortunately, your Canadian credit history cannot follow you to the United States. While credit reporting companies like Experian have operations in multiple countries, the information they maintain in the individual nations cannot be transferred across national boundaries for several reasons.

What happens if I don’t pay credit card in Canada and leave country?

The correct answer is “You will not be arrested anywhere including Canada if your friend returns”. Being not able to repay debts is not a criminal offence. There will be no consequences in other countries. In Canada, they will not give you any credit in future.

What happens to my debt if I leave the country?

What happens to your debt when you leave the country? Technically, nothing happens to your debt when you leave the country. It’s still your debt, and your creditors and collectors will continue trying to get you to pay it back. … Eventually, your creditors may file a lawsuit in an attempt to collect your unpaid debts.

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What happens to your credit card debt when you move out of the country?

If you move abroad with unpaid credit card debt, your creditors may send you to collections or file a lawsuit against you. Letting credit card debt go unpaid will also do significant damage to your credit score. … Credit card debt usually cannot be recouped outside of the country.