Quarters and Nova Credit have announced their collaboration to help Canadian newcomers establish and transfer their credit history. Establish credit - a challenge for newcomers Canada is preparing to welcome around 1.5 million permanent residents in the next three years.

Both Canadians and newcomers face challenges in establishing credit and finding housing. Recognising these obstacles, Quarters has partnered with Nova Credit to support newcomers and help them navigate their financial journey in Canada. Quarters is a free points program designed to help users accumulate points that can be redeemed for rent deposits or down payments, making home savings both accessible and rewarding in the long run.

Additionally, it offers individuals the chance to build their credit by reporting their rental payments. By integrating with Nova Credit’s Credit Passport, which allows newcomers to transfer their international credit histories, Quarter's users located abroad can utilise their existing credit history to access rental opportunities and secure housing before their arrival. This accelerates their journey towards homeownership, providing a financial edge and simplifying their transition into Canadian life.

Alternative lending options In addition to assisting newcomers in transferring their credit history, Quarters provides opportunities for:• building credit through rent reporting: Quarters helps users establish Canadian credit by reporting their rental payments, increasing their ability to secure financial opportunities like loans and credit cards.• accumulating home savings: users can increase their home savings by earning points through regular spending and engaging with the platform. Quarters’ network of partners allows these points to be redeemed for rent deposits or down payments, potentially covering up to 50% of these expenses. This partnership aims to create financial opportunities for newcomers who have been excluded by the traditional credit system.

By giving them access to alternative lending options and improved financial services, individuals will be able to establish a solid financial footing. .