=> Approved Easily and Quickly impact paydayloans No Faxing No Credit Check

Approve in seconds impact paydayloans No Hassle No Credit Check

We recently received a very good question from a foreign exchange student who is moving out of the country He asked if the credit established in the US follows a person in this case to Canada Here is what we found through our research

SSN vs SIN

In the United States individuals are identified by their social security number SSN There is no other person in the United States with an identical SSN In Canada people have social insurance numbers SIN which serves the same purpose Credit bureaus in Canada use the SIN to keep track of individuals credit reports Since the US and Canada are two different countries SSNs cannot be tracked in the Canadian systems and SINs cannot be tracked in the US systems

Credit Bureaus

In the United States there are three major credit bureaus Experian TransUnion and Equifax These three bureaus provide credit reports and scores for all individuals with a social security number who have opened a line of credit or a loan Canadas credit bureaus follow the same procedures

In Canada the three major credit bureaus are Equifax Canada TransUnion Canada and Northern Credit Bureaus Inc In several scenarios people have found that the United States TransUnion and the Canada TransUnion share the same data in their systems In result there may be a possibility of a Canadian financial institution pulling your US credit history This could be good for people with positive credit and bad for those with not so good credit Equifax may do the same and share their data between countries We have found that Experian has no effect in foreign credit because it only conducts reports on US residents The same applies for Northern Credit Bureaus and its Canadian residents

Credit Scores

As far as credit scores go TransUnion Canada and Equifax Canada have both implemented the FICO system from the United States The only difference being is credit scores in Canada range between a score of 300 and 900 Scores in the United States use a scale of 300-850

Scores closer to 900 are a lower risk for the lenders which could mean a lower interest rate to the borrower The opposite can be said for scores closer to 300 These scores would be a much higher risk for the lender and in result would mean a higher interest rate for the borrower

If I do not have an SIN and am a American citizen how do I apply for credit if I move to Canada

Just like in the US in Canada it is hard to obtain credit without a credit history You can walk inside a Canadian bank and explain your situation to them Some banks in Canada will ask for some information from your US credit report This will enable them to make an easier and quicker decision to issue credit Some may offer you a secured credit card which will help you build a credit history by depositing a certain amount on a pre-paid credit card and then make payments

Also as stated above TransUnion may have the ability to display US credit report information to Canadian financial institutions because of shared data between TransUnion Canada and the United States TransUnion

What if I want to move to Canada for an extended period of time and then move back to the United States

If you are not planning on being a long term resident or are not planning on buying a home it may be best to stick with United States based international credit cards Credit card companies with affiliates in the US and Canada would work best These cards will work in both countries but will only report to the US credit bureaus

Here is an excerpt from the US Department of State If you will be abroad for an extended period you may want to arrange for the delivery of your mail Some banks and international credit card companies handle mail for customers at their overseas branches In addition post offices in many countries will hold mail for travelers under their General Delivery Poste Restante services US Embassies and Consulates do not handle private mail Check with the embassy of your destination country to see if that will be possible there A listing of foreign embassies and consulates in the US is available at httpwwwstategovscprrlsdpl32122htm

A safe bet is that if you owe on a debt in the US and move out of the country you will owe on that debt upon your return as it will be recorded on your credit report Will creditors try to collect from you in another country Well that is the golden question The golden response is they may have a right to collect Will that new country consider your US credit history It may

Regardless of where you move it is best to maintain a positive credit history If your new country of residence chooses to look at your US credit history you want to make sure it is clear of negative information However one cannot assume that a positive US credit history will help establish new credit in another country