Any value bringing Canadian Credit Report to US

[jazzly 3]

After failing to what I thought possible, to transfer my credit ratings from Canada to US. I am thinking of carrying over my credit report from Equifax or TransUnion Canada.

Has anyone done that?

Is there any value of doing it?

Can it help me get a car on lease if I pay a good down payment?

What about Driver's abstract from Ministry of Transportation of Ontario? Does it help getting good car insurance rate along with insurance record from Canadian insurer?

[MedRoni 161]

I don't know about Canada to US, but when I moved from the US to Canada my US credit report was of no use to me. No one in Canada (Alberta) would accept it. I basically started everything from scratch. The only thing they used were references for renting an apartment. My guess would be you will find the same thing... but it never hurts to try?!

[daphoknee 4]

Not sure about Canada to US but like MedRoni, when my USC hubby moved to Canada, the only thing that followed him over was his driving history. Insurance companies did a check on him and were able to pull up his history from tickets to when he first got his license. To get him a credit card, we wouldve had to get him the Secured Credit Card regardless of how good his credit was back in the US. I'm assuming it'll be the same way for us when we move to US, we wil need to start from scratch in terms of credit history, possibly may need a secured CC too.

[bsd058 296]

It depends on the type of credit and the institution. Canadian credit can follow you if you go to RBC bank. If you are using another lender and are purchasing something large like a house, if you bring your credit reports with you, you can give it to your bank and they can submit it to underwriting to see if you fall within their credit guidelines. Sometimes they can use it if you allow your broker/lender to make a case for you to underwriting.

But for most cookie cutter lenders (credit card, line of credit, auto loan, etc.), your score will not follow you.

Edited January 30, 2013 by bsd058

[jazzly 3]

So spending $24 is worth taking risk to get a credit report and score combined. If the auto dealership is real desperate they can use it.

I already have bank credit card with TD USA and a secured CC with Wells Fargo. I have start using them to build up the credit history and I am not expecting auto dealer to be impressed by local rating at all.

[jazzly 3]

I got the Credit Report and score from Equifax for $24.

[Ms Hogan 295]

For your car insurance you'll want to get a certificate or letter of insurance from your insurance company. If you have changed companies over the past few years at all get it from each of them. I already got mine in-hand to prepare. This shows you've had insurance and will help you get insurance there and hopefully a better rate than someone who has no proof of insurance. Your driver's abstract as well just in case. That's what I did anyway.

[Hugglebuggles 60]

When you get your state license, if you go get car insurance quotes they will pull your MVR using your state license. So you could have the license for a week, no tickets or accidents and you will get the rate of a clean driver. You can have 100 tickets on your Canadian license, they would never know. Generally, they will just ask you for a verbal declaration of your driving experience. Bringing evidence of past coverage is definitely a good idea, you *might* need it. A verbal declaration is usually acceptable for that as well.

The credit report can't hurt!

[dukeandduchess 141]

I don't think you can import your credit history - if there is I don't know about it. As for driving history - I had ICBC e-mail me my driving abstract. When my husband added me to his insurance, they just asked when I got my license (16); where I got my license (Canada).... and that was it. They didn't ask for the driving abstract. Our insurance also went down $50 because we were married and both have a clean driving record. I was pretty surprised at how easy it was!

[DeadPoolX 9]

I moved from Texas to BC and the first bank I went to was TD, who did accept my US credit history. I also had a letter from Bank of America supporting my credit history, so maybe that helped too.

I never needed a secured credit card; in fact, the first credit card I was able to get in Canada was one of TD's best cards with an extremely high limit.

I think some banks, like TD, are more flexible than others. I've noticed that RBC is a bit more rigid, for instance. I'd also suggest looking into credit unions, as you'll not only find checking accounts without a monthly fee or limit, but often more credit cards without annual fees as well.

Auto insurance records also transfer so long as you have your US insurance company send the information. In my situation, my driving history allowed me to get a 40% (now 43%) discount with AutoPlan. I don't know how it works in provinces without government-run auto insurance, however.

[The Mean Lady 604]

I moved from Texas to BC and the first bank I went to was TD, who did accept my US credit history. I also had a letter from Bank of America supporting my credit history, so maybe that helped too.

I never needed a secured credit card; in fact, the first credit card I was able to get in Canada was one of TD's best cards with an extremely high limit.

I think some banks, like TD, are more flexible than others. I've noticed that RBC is a bit more rigid, for instance. I'd also suggest looking into credit unions, as you'll not only find checking accounts without a monthly fee or limit, but often more credit cards without annual fees as well.

Auto insurance records also transfer so long as you have your US insurance company send the information. In my situation, my driving history allowed me to get a 40% (now 43%) discount with AutoPlan. I don't know how it works in provinces without government-run auto insurance, however.

They are trying to transfer to US, not to Canada.

RBC happens to be one of the only places I could find that WOULD accept your canadian credit history, but only when applying for a loan through them in the US

[warlord 73]

Back in the 90's when I came, they wouldn't take any credit history outside of the US. I even had a Visa and was told even though it's a Visa history, it wasn't a US Visa, but Canada Visa card and that couldn't be considered. I bought my first car here too and no matter how great my credit history was up in the provinces, it didn't matter and I got the crappiest financing which was on par with people with 0 credit history or delinquent credit. It sucked, but luckily now after all those many years have past, I'm at the top of the credit score where one can't actually go any higher.

Don't think much has changed...

[Rob & Monika 87]

I was hoping that since Equifax served both US and Canada, they could do something in regards to the credit report between the countries...but their website answers this question:

How do I merge my Canadian file with my American file due to dual citizenships?

Unfortunately, you cannot merge your Canadian and American files. You must maintain separate credit files from each country due to differences in the various laws within the US and Canada.

[Buxi&Dusk 6]

I thought you could obtain one free credit report from Equifax per year or something.

[DeadPoolX 9]

They are trying to transfer to US, not to Canada.

RBC happens to be one of the only places I could find that WOULD accept your canadian credit history, but only when applying for a loan through them in the US

Yes, I know. I simply thought that if Canadian banks would take American credit history, it's possible the reverse is true as well.