How to Transfer My Credit History From the US to Europe

Credit history and creditworthiness are extremely important in both the United States and Europe. They determine the interest rates you'll receive on car loans, mortgages, credit cards and even whether you qualify for certain jobs. If you're considering moving to Europe from the U.S., it's important to keep a record of your credit history since there is no process by which you can electronically transfer your credit file to European systems.

Instructions

1

Pull a copy of your credit report (see Resources). Make sure you print out several copies of each credit report from all three credit reporting agencies--Equifax, Experian and Trans Union. Since it is impossible to electronically transfer your data across the ocean, you'll need ironclad proof of your credit standing. To ensure you have the most recent credit files before you move abroad, pull the reports the month you leave.

2

Establish a good credit standing before moving. By moving abroad with a heavy debt load and poor credit history, you may be unable to qualify for the simplest of credit accounts. European nations tend to have stricter credit regulations, especially for those without established European credit history. If at all possible, clear up any delinquencies, pay off large balances, pay all judgements and charge-offs, keep low balances on revolving accounts and generally reduce the amount of debt you are carrying.

3

Transfer all your credit cards to your new address abroad. Most credit cards can be used internationally, however, if you have a European address tied to the account, you'll be signaling to European lenders that you are in fact a resident of the country.

4

Ask your American bank for 12 to 24 months of bank statements for all open accounts. While you will not have a European credit profile when you apply for your first credit account, establishing proof of your assets and liquid capital may encourage European lenders to act more favorably on your application.

5

Open banking (checking, and savings) accounts in the European country. This is more difficult than opening an American account, but with a good amount of money to deposit, they'll accept your business. This is the first step in developing a European credit profile. After six to 12 months of positive banking business with a European bank, they'll be more likely to lend money to you. Make sure to present the appropriate documents--credit reports, bank statements, proof of European address on credit account --to your loan officer.