Credit in other countries?

[Llelxon]

Now that I have a BK on my credit here in the US does that mean if I move to Canada it will affect my credit there? Does anyone know if they use the same credit companies? Do they have different companies and share information with ours here in the US?

Just curious.

[Dst1]

This question truly made me laugh. I really can't speak to much about Canada but most countries don't have a credit reporting system. Europeans think we are mad (as in crazy) and consider the sharing of financial details a gross invasion of personal dignity. On the other hand, it's also much much harder to get credit in those countries too.

[kornellred]

First of all, you cannot just "move" to Canada. You have to get a passport, and then you have to apply for residency. You will not be accepted unless you have the promise of gainful employment, or you have the means to support yourself without working, which if you are bankrupt is obviously out of the question. Your financial status is key to being successful expatriate in most areas of the world where you would actually want to live. Your credit history will follow you like a lost puppy.

[DiamondsR]

Actually there is a credit reporting agency in the Netherlands called BKR. Negatives stay on your report for five years.
The only difference about credit I remember is when I bought houses with my ex husband, we weren't allowed to have ANY open credit ANYWHERE. I was might irritated when the loan officer told me that we had to get rid of any credit cards before they would loan money for our first house but their thinking was that if you can't pay off smaller bills, you don't have enough to buy a house. In retrospect, I only owned property when I lived in Europe because of that thinking (and when I repatriated, I had what I thought was a nest egg to live off of until I found work).
When I left, the Dutch were starting to use credit (and everyone I knew was "red" at the bank - a line of credit everyone automatically received).
Basically, I have "clean credit" in Europe even though my credit is abysmal here because of my bankruptcy. BKR didn't share with any other country in Europe (but when my ex bought a farmhouse in France, we had to pay for it outright).
The entire "FICO/concept of credit means NOTHING in Europe because you do get a "fresh start" but
1) everyone has to have a bank account and your salary goes directly into it (you can only do this if you move legally; if you work "black"/under the table, you will be paid in cash but since you don't have a bank account, you won't get credit anywhere).
2) credit cards are really charge cards (we had credit cards at one point but only after we had owned our homes for like 5 years)
3) people don't get car loans generally (you save up and buy a used card and you ride the car you have until it can no longer move OR you get a "lease car" from your employer which is usually brand new but your boss pays for half of the payment)
4) if you want to buy a house, 2 and 3 have to be closed and you need to live like a monk for a few months

[MSbklawyer]

First of all, you cannot just "move" to Canada. You have to get a passport, and then you have to apply for residency. . .

Tell that to the millions of Mexicans who just move there all the time; just like they do in the U.S.

[whipster1]

Experian is owned by a British company, so I would imagine there is a reporting system using them in a few other places.

[kornellred]

Because of NAFTA, Mexicans can ignore Canadian immigration laws. Others cannot.

Arriba!

[WhatMoney]

Tell that to the millions of Mexicans who just move there all the time; just like they do in the U.S.

Millions? MSBK, you have got to stop posting here when you're drunk. (hey it's your signature)

It's true, Canada put out the welcome mat about 2005 for Mexican immigrants - legal ones. But really, it's too damn cold in Canada for an invasion. Here's what Canada is looking for (and apparently getting) from Mexico:

http://www.city-data.com/forum/mexic...#ixzz0hSV3ZS0s

http://www.multiculturalcanada.ca/Encyclopedia/A-Z/m7/2

We have our share of Hispanics stopping in Oregon and never leaving. They are just the latest in a long line of immigrants joining the melting pot of America. By the 2nd or third generation they contribute just like the Irish, Italians, Germans, and Scandinavians have - they were all the hated stupid poor immigrants at one time. Something too many fail to understand.

I am of Scots-English ancestry - my ancestors arrived in the early 1800's - does that make me more "American" than our latest immigrants?

[DiamondsR]

Experian is owned by a British company, so I would imagine there is a reporting system using them in a few other places.

Right, but you don't use your social security # (you get a new # for whatever country you move to). One of my friends left the US to marry a Brit and left a pile of bills here about six years ago (she went to dental school in the US on loans). She says he keeps suggesting they buy something in the US as an investment or retirement property but she's been stalling him (because she knows her credit is shot and it's judgement city here). They own houses, cars and have a pretty upperclass life style in London and she started over without any US bills. I could never build a marriage on a lie like that but I guess who am I to judge (since she's living like a Princess and I'm bankrupt).

The problem is if, and when, you come back to the US, the judgements will be waiting for you.

[Llelxon]

First of all, you cannot just "move" to Canada. You have to get a passport, and then you have to apply for residency. You will not be accepted unless you have the promise of gainful employment, or you have the means to support yourself without working, which if you are bankrupt is obviously out of the question. Your financial status is key to being successful expatriate in most areas of the world where you would actually want to live. Your credit history will follow you like a lost puppy.

I was just curious because I work for a large company and my division of that company is based in Alberta even though I am in the US and wondered how the past BK would affect me buying a home, etc if I took a transfer there. Being that it would be a transfer for work I don't think most of the stuff to get in to Canada would be a problem, just wondering about buying a home mostly.