Last year when my wife and I were applying for a mortgage in Canada, she supplied a Taiwan credit report as part of the application process.
This year when I did the same the bank implied that they would be able to check my credit rating here in Taiwan. I doubted this and chalked it up to her inexperience. We had no problems either way.
Could this be true? Are credit agencies/ banks cooperating that closely now? Can we use our Taiwan credit rating in Canada or elsewhere? My wife and I have 20 years of credit history here. When banks look at my credit history in Canada they see emptiness, no debt, no problems, which I assume affects my credit score.
AFAIK there is no definitive way to match credit rating profiles across countries for any of the agencies - of course, this doesn’t prevent them from potentially asking for your Taiwan details and doing a manual lookup.
You can request for your own credit report and show it to other banks, whether this helps or not I am not sure.
Contrary to popular belief, emptyiness does not equal to a good credit score, especially in the past few years due to positive bureau reporting. The person with the best score has a credit history that shows consistent and on time payment.
Can they, a Canadian bank, check your Taiwan credit history? Last year I was under the impression that they could not, this year I was given the impression that they could. If they can this may or may not be an advantage for future financing.
We started last year building a credit history in Canada. I imagine it will take some time.
Given that I know nothing of Taiwan/Canada’s privacy laws (used to work in banking, but not in either countries), I cannot say for sure, but I highly doubt that agencies in one country is allowed to divulge information to entities outside of their operating country. Interesting scenario may arise if the bank in question is operating in both countries; in your case, both Taiwan and Canada. However, even if they do and are legally allowed, I am not certain whether they have the technical ability to correctly link up your profiles.
edit: Of course again, you can request for your own personal information and submit it to the bank if it somehow helps, but where that sits legally I am unsure, and how much benefit it adds to your application is dubious. I doubt many banks have policies in place to deal with overseas credit agency reports.
I was unable to use a Taiwanese credit rating to apply for a mortgage in Canada last year. I did pay a visit to the local branch of Chinatrust in Burnaby, BC, where I asked the staff if it might be possible to obtain my credit report from their Taiwanese counterparts. The staff looked at me like I’d grown three heads.
In the end, six months of banking/credit history in Canada and three months of payslips were enough for the mortgage approval.
My entire adult life is in taiwan and i had the same experience as above in canada. No way. And i have had same bank account since 6 years old, own land and houses all dealing through that same bank. And they still wouldnt give me a mortgage even with all that collatetal (i have no credit card or loans in my credit, so i should have zero credit either way due to never borrowing money).
Seems they give money out easily as mentioned if in country credit is established, even relatively short term. But i couldnt get a lpan qith 700k in real estate in my name without debt and i wanted to borrow 50k…it actually left a bad taste in my mouth so i have since left that bank. Though to be fair im no longer a resident there. And i wanted a loan for business here in taiwan. due to taiwan being extremely difficult for foreigners who are self empoyed to get loans locally. I thought a 700:50k ratio shpuld be ok but it really wasnt.
I since got a line of credit and a credit card i just dummy into making them think i have stable credit…gotta play the game, there isnt much human behind those desks.
It is possible to get a mortgage based on your overseas income - they give them to immigrants here all the time. The problem is that the down payment required is usually in the range of 30 - 50%, which could seriously affect liquidity depending on your financial situation.
Im not sure. But luckily for canadians your overseas income is taxable. So you need to pay canada for income earned here. Lucky you. If you did that you should be able to prove ability to pay. Seems a can of worms not worth opening.
Taiwan also has a 30 to 50% downpayment style in most cases. Its probably for the better (of the country) that way. Im in the same boat now too. Not enough for downpayment so need to do 2 loans. Far more complicated and expensive than it should be.
Note im not a resident and have no credit history so perhaps different issue as yours. Have tax records but that hasnt been enough for them to budge mich.