Foreclosure and credit in U.S.?

Question:

My husband is a citizen of Canada and was working in the states for awhile and bought a house and has a bunch of credit cards there. We have moved back up to Canada and have tried to sell the house but have no one who is interested in buying it. We can't afford to make the payments anymore or on any of our credit cards in the U.S.

Is this going to affect our Canadian credit rating or are they seperate?

Any help on this would be greatly appreciated.

Answer:
It will likely depend on how much the US bank knows about your husband, and the differences in US and Canadian credit reporting.

Credit reports in the US are tied to a Social Security Number. Did you husband give out the equivalent of a SSN? If so, the loan is probably tied to that number and will be reflected on any credit inquiry that checks his name/number.

And which companies in Canada are the major credit bureaus? If it's the same as the US (Experian, Equifax, Transunion), then his credit reports may be the same in both countries, for the most part.

If the creditors in the US don't know your husband's Canadaian SSN and don't report to the Canadian credit bureaus, it would be tough for them to tie the US late payments to his Canadian credit report. But if it is all substantially equivalent, the poor US credit may follow him back to Canada.

You'll have to find out how much information the banks in the US have about him, as well as what differences there are between US and Canadian credit reporting.

Good luck.

ForeclosureFish
http://www.foreclosurefish.com/...

You are a drain on our economy. Just don't pay who cares not like anybody would be able to do anything. Nice to know that giving credit cards and home-loans to illegal aliens has helped to better our country. Spend on who cares we the US will pay for it all as well as the consumers that actually pay there bills on time that we will have increased rates because of defaulting illegals.

I dont know if it does.. But seems like it would... If a person could make a lot of bills in 1 country and travel to another to get out of it... Seems everyone would do it...

Different countries have different set of formula when evaluating credit scores. The debts owe in US will not effect your credit score in Canada. However, you need to be awared that should you ever return to the US for whatever reasons, the debts are bound to catch up with you.

Foreclosure and credit in U.S.?

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