22

Does my credit record apply internationally?

For example, if I have a good credit record in Australia, with a car / house loan and a credit card or two, can my good credit rating be seen by banks and finance companies if I move to Canada?

Or would I have to start afresh and build up a whole new record?

9

From what I understand, the answer is no. Banking systems and credit reporting services are different from country to country, each has their own rules and way of doing things, and I'm under the impression that neither really talks to one another except in the case of sending money (in which case there are other things involved, the least of which being conversion).

Note that, although not the greatest example, as an American living in Japan, the banks here are totally different than those in the States. Banks in one location know nothing of my credit rating in the other, and moreover would not trust it or even care. (Multinational banks like Citibank may be an exception though and is worth looking into.)

3

Short answer: no. Long answer: There are some multi-national banks like HSBC and Citibank that have branches around the world. You can open an account at a branch in a second country and take out a loan with the bank basked on your credit from the first country. For example, if you have credit with the bank in the USA and then move to England, you can take out a loan at the British bank based in your previous relationship and credit rating in the USA. These arrangements are usually only available to "premium customers" who already have a large amount of money deposited at the bank.

2

IME no - I've moved countries twice (Germany to UK, UK to US) and in both cases I have had to rebuild my credit record from nothing.

  • Is there even such a thing as a credit record in Germany? – mastov May 5 '17 at 13:43
  • I'm not up to date anymore on what they have now, but Schufa in Germany has provided the 'negative' credit records for a long time. – Timo Geusch May 11 '17 at 15:02

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