As hopefully soon the skies open up again, not only will many of us get our long waited holidays, but some will relocate and move to other countries.
Even here in the UK we recruit people from other countries for various jobs, and certain careers. It is the same in those other countries as well. As the world’s economies begin to ramp-up again, it is hoped more jobs will become available.
I have written in the past about having debts in one country, and moving to another country; your debts may follow you. They do not go away, but they can be sold or assigned to a collection agency in the country where you now reside.
But what abut your credit score?
While there are only a few major credit bureaus across the world:
- Transunion previously Call Credit
There are other credit reporting systems outside of these three major bureaus, depending on what country you are in.
In addition, there can be an Experian credit bureau in the USA, and UK, and they may not share your information.
So your UK credit history and credit score, will not appear in a USA or Canadian credit file.
Is this good or bad?
Perspective is the key here, it depends on how you look at it.
If you have good credit in the UK and move to a different country and apply for credit, they will ot know of your good credit and good credit score.
The same is true if you have bad credit.
So what happens if you apply for credit in the new country, with no credit history in that country?
The lender may ask for references, details about your employment, and possibly a guarantor.
One thing to keep in mind as there are banks that are known internationally and in many countries. Having an account with one of these may help if applying for credit in a new country.