SingleKey and Nova Credit Partner to Empower Newcomers Amidst Record-High Rents and Soaring Immigration Rates
Partnership breaks barriers for new Canadians by increasing access to international credit history and revolutionizing housing accessibility
TORONTO, March 26, 2024 /CNW/ - SingleKey, a leading provider of innovative residential leasing solutions, proudly announces its groundbreaking partnership with Nova Credit, a credit infrastructure and analytics company serving as Canada's first cross-border credit bureau. Together, they aim to shatter housing barriers for new-to-country individuals by empowering them with exclusive access to their international credit history.
In today's competitive rental market, new Canadians encounter substantial hurdles when seeking affordable housing. These challenges stem from their limited or nonexistent credit history in the new country and the steep rise in rental costs. The primary obstacle lies in securing approval for a lease without a local credit history—a requirement that most housing providers insist upon during the rental application process.
To circumvent this challenge, a recent SingleKey survey found that an overwhelming 58% of newcomers have had to pay several months' rent upfront—representing a significant financial burden and unaffordable for most at today's rent prices.
Canada continues to break immigration records, with international migration playing a pivotal role in driving the highest population growth rate since 1957. The immigration rate is poised to rise further, with plans to welcome nearly 1.5 million permanent residents over the next three years.
The Nova Credit and SingleKey partnership is a first-of-its-kind initiative designed to assist new-to-country Canadians access their foreign credit history and get approved for their new homes faster. This International Credit Check initiative is powered by Nova Credit Credit Passport® solution, which unlocks credit history data from over 1.5 billion credit profiles worldwide.
"This partnership couldn't have come at a more crucial time," said Viler Lika, Founder and CEO of SingleKey. "With a low vacancy rental market and immigration rates soaring, newcomers face unprecedented hurdles in securing affordable housing. Our partnership with Nova Credit addresses these obstacles by allowing lenders and financial service providers in Canada to access 'lost' credit histories worldwide. This allows housing providers to screen and approve international applicants confidently, which increases accessibility to housing for all."
In a recent survey by SingleKey, 43 percent of new Canadians cited increasing rental prices as their biggest challenge when applying for housing. In comparison, lack of credit history was the second biggest challenge for 30 percent of respondents. Additionally, nearly 40 percent of Canadian housing providers reported a surge in interest from newcomers, with more than 20 percent of rental applications coming from new-to-country individuals.
"Every year, hundreds of thousands of creditworthy individuals immigrate to Canada, leaving years of credit history behind them in their home country," said Collin Galster, Chief Operations Officer of Nova Credit. "As a result, newcomers struggle to access fairly priced credit-based products – and access to affordable housing is a fundamental aspect of successful integration for new Canadians. By providing immigrants with access to their international credit history, we're helping them take the first step towards building their new lives in Canada."
The partnership between SingleKey and Nova Credit is poised to transform the housing landscape, driving accessibility, inclusivity, and economic growth.
For more information about the partnership and the International Credit Check, visit
www.singlekey.com/en-ca/screen-international-tenants
Trusted by more than 120,000 homeowners across the U.S. and Canada, SingleKey is a digital platform that helps property owners make more informed decisions when selecting tenants and managing their risk. Their tenant screening service, automated rent collection tool, and Rent Guarantee Program bring trust, transparency, and accountability into the rental process, allowing homeowners, renters, property managers, and realtors to rent risk-free. For more information, visit singlekey.com.
Nova Credit is a credit infrastructure and analytics company that enables businesses to grow responsibly by harnessing alternative credit data. The company is a consumer reporting agency (CRA) that leverages its unique set of data sources, bank-grade infrastructure and compliance framework, and proprietary credit expertise to help lenders fill the gaps that exist in traditional credit analytics. Nova Credit serves as the bridge between data and credit excellence, providing a comprehensive suite of solutions designed to give lenders across various industries - including finance, fintech, property management, telecom, and automotive - a competitive edge in the open finance era. Its cross-border credit product, Credit Passport®, cash flow underwriting product, Cash Atlas™, and income verification product, Income Navigator, are used by leading organizations like American Express, Verizon, HSBC, SoFi, Scotiabank, and Yardi. Nova Credit is backed by investors including Kleiner Perkins, General Catalyst, Index Ventures, and Canapi Ventures.
SOURCE SingleKey
For media inquiries, please contact: Breathe Purpose Media Inc (BPM Inc.) on behalf of SingleKey, Jay Sachdev, M: 647-203-3595, E: [email protected]; V2 Communications on behalf of Nova Credit, Rachel Levy, E: [email protected]
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