The complexity of the Canadian credit system breeds a lot of questions, especially for immigrants. In this article, Julie Kuzmic, Senior Compliance Officer, Consumer Advocacy at Equifax Canada provides answers to the top ten questions immigrants ask about the Canadian credit system.
A good credit rating is essential for life in Canada, as most lenders want to know how you have handled credit in the past to determine how well you will handle it in the future. Credit card issuers, auto dealerships and mortgage lenders will check your credit score before deciding how much to lend you and at what interest rate. Here are tips to build your credit in Canada and the pitfalls to avoid.
With the level of misinformation and contradictions on credit history and score on the internet, understanding the Canadian credit system is a feat achieved by very few. Immigrant Muse Editor, Oyin Ajibola had a scenario-based and insightful conversation with Julie Kuzmic, Senior Compliance Officer, Customer Advocacy at Equifax, to help immigrants better understand the concept of credit in Canada.
The day-to-day money decisions you make impact the ‘if’, ‘how’ and ‘when’ you achieve financial stability. Your financial decisions as a first-generation immigrant shape the foundation upon which the second generation will build. Here are 10 tips to get you on your way to sound financial health in Canada.
Saving money is the norm in a lot of immigrant cultures and while saving a percentage of your income is the first step to good financial health, investments can help set you up for a better future. is important to understand each account, so that you can make them work to suit your specific situation.