Neo Financial has announced a significant enhancement for its credit card holders: all Neo credit card products, including the Neo Secured Credit card, will now report to Equifax Canada. This addition complements the existing reporting to TransUnion, ensuring that Canadians can build comprehensive credit profiles for better lender acceptance.
The Neo Secured Credit card offers an accessible pathway to building credit history, now with the added benefit of reporting to both major Canadian credit bureaus. This dual reporting is crucial for new Canadians and those working to improve their credit scores, as a robust credit history is often essential for securing housing or vehicle loans. With quick approval and cashback on everyday purchases, the Neo Secured Credit card provides immediate benefits and long-term financial growth.
Andrew Chau, CEO and Co-Founder of Neo Financial, expressed his enthusiasm: “We’re thrilled to offer Canadians, especially newcomers and those improving their credit profiles, an easy way to earn cashback and build credit history. The Neo Secured Credit card is essential for many, helping to reduce financial stress and improve the Canadian financial experience.”
A Statistics Canada report from 2023 highlighted that immigrant families often struggle with access to credit. The Neo Secured Credit card aims to address this gap, providing a vital tool for new Canadians to establish their financial roots.
Neo Financial is dedicated to empowering Canadian residents with greater control over their financial futures. Besides helping to establish credit profiles, Neo offers a range of products including the Neo Standard Credit card, Hudson’s Bay Mastercard, Tims® Credit Card, Cathay World Elite® Mastercard®, Neo High-Interest Savings, Neo Money™ card, and Neo Mortgage options.
