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The United States and Canada have a very close relationship. They share banks and credit bureaus. Canadian citizens' credit scores are held under Social Insurance Numbers. However, banks who have operations in both countries have access to all of their customers' credit histories--whether they are Canadian or American.
Moving to a Canada will not relieve an American citizen of his debts in the U.S. An American credit report will remain active throughout the life of any native-born American or naturalized citizen. This history is accessible to any authorized lender in both Canada and the U.S.
Canadian banks may not extend credit to a newly arrived American citizen. First, he will not have a Canadian Social Insurance Number. Second, without a printout of a current credit report and a
letter from an American bank, he will likely be denied any loans.
The main benefit of the close financial relationship between the U.S. and Canada is the ease with which Americans can make a move to Canada. Customers should print out a copy of a current credit report and get a letter of standing from their banks. In addition, customers can request that a Canadian loan officer pull an American credit report from one of the three credit bureaus.
Customers cannot leave a poor history in the United States. If a customer applies for a loan, mortgage or car loan in Canada, the loan officer will need to verify his credit history. Without a valid Canadian credit report, the loan officer will get authorization to run his American credit bureau--thus revealing the poor credit history.