Bank leadership helps newcomers build a credit rating







(NC) -- Canadians understand the importance of building a credit history – it opens up what you're able to do and where you're able to go. Newcomers to Canada also know the benefits of credit history in Canada, but for many, their need for credit often comes before they've built a credit history. Overcoming this barrier is becoming much easier thanks to policy changes at the Royal Bank of Canada.

RBC is helping newcomers achieve some of their major goals upon arrival in Canada: buying a car, home ownership, and settling into a new lifestyle and routine.

Credit cards: RBC was one of the first banks to introduce the “no credit history required $1000 unsecured credit card for newcomers,” and while credit isn't a requirement for all RBC credit products, RBC has expanded the reach in terms of who will now qualify for the card..

Car: In a study conducted by RBC, one-quarter of newcomers (26 per cent) report that they expect to buy a vehicle in the next year. Financing is a concern for another one-third (39 per cent) not knowing how they are going to make the purchase. Policy enhancements now make it easier to buy a first car by introducing a new “no credit history required” loan at over 3,500 dealerships nationwide.

Home: Many newcomers buy a home within five years of arrival, and new enhancements to RBC's Newcomer Mortgage program now extend the qualifying period to five years – with or without a credit history.

“We understand and adapt to newcomer needs, values and timelines,” says Christine Shisler, director of multicultural markets for RBC. “We're working together to help them build the lives they want faster so they're on track for success in Canada.”

More information can found online at www.rbc.com/canada or by visiting a branch.


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