How do I manage my money if I don’t have a Canadian credit history?

People often use credit to pay for large expenses, buy a car, or purchase a home. However, it’s difficult to borrow without a credit history in Canada. Canadian lenders typically check each applicant’s credit files at one of the main credit reporting agencies (Equifax Canada and TransUnion).

Without a credit history, newcomers may need a loan co-signer with a Canadian credit rating, and considerable assets as collateral. Or, newcomers must demonstrate a history of stable income in Canada to receive a loan. Fortunately, you can start to build your credit record and history shortly after you arrive in Canada.

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