BMO partners with Nova Credit

Nova Credit and BMO

Organizations like American Express, Verizon, HSBC, SoFi, Appfolio and Yardi already work with Nova Credit to reach new-to-country consumers with Credit Passport.

The Credit Passport is currently available to newcomers from nine countries: Australia, India, Kenya, Mexico, Philippines, South Korea, Spain, Switzerland and the United Kingdom.

"We are delighted and proud to announce our partnership with BMO, expanding our reach and support for newcomers in Canada," Collin Galster, Nova Credit’s COO, said.

"Our collaboration with BMO underscores the necessity of lenders to serve all customers fairly and responsibly, and a reminder that financial inclusion for newcomers demands that opportunity is not limited by where a person comes from but rather where they are going."

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BMO’s tools for newcomers

Newcomers also have access to CreditView (powered by TransUnion), to check their credit scores and reports for free.

There’s also BMO's NewStart program, which provides customers with a suite of personalized, no-fee banking products including chequing and savings accounts, customized mortgage options, credit with no credit history, investments and worldwide money transfers to establish their finances.

BMO SmartProgress is a free online financial education program that provides newcomers with a customized, on-demand and interactive learning experience. This financial literacy platform is geared to help educate newcomers on the Canadian banking system and assist them in creating good financial habits while starting a new life.

It features bite-sized content, including videos and tools, to allow newcomers to better understand complex financial topics, including budgeting and credit management, homeownership and investing in their future.

Lastly, there’s the Newcomer Talent Program, a recruitment program for displaced persons, immigrants and refugees, providing support and creating employment opportunities for newcomers to Canada and the US. It includes personalized recruitment pages that make it easy for jobseekers to introduce themselves to BMO and explore job opportunities in both Canada and the United States.

BMO is the eighth-largest bank in North America by assets, with $1.4 trillion as of the end of July.

Sources

1. BMO: Helping newcomers make real financial progress with an innovative credit program (Sept 3, 2024)