Who is Interested in your Credit Report?
We all know that creditors look at our credit report before extending credit to us. In fact, a credit report is like the Holy Grail when it comes to creditors. However, what many of us don’t realize is that it’s not just creditors who are looking at our credit score. In fact, exactly who is looking at your credit score may surprise you.
- Employers – Your education or ability to do your job may not be the only thing an employer is looking for. In fact, many employers have begun performing credit checks on candidates. They may want to know if you are in debt, if you have any outstanding judgments against you, and if you are able to handle your finances well. And a credit report may be able to answer all of their questions. Because new jobs are harder to come by in today’s economy, employers have begun using interesting methods to narrow down the list of potential candidates, and they may very well use your credit report to do just that.
- Landlords – A home loan isn’t the only time you can expect your credit report to be pulled. Most landlords, in fact, will look at your credit report during the application phase. Landlords must protect themselves from renters who don’t pay their rent, so it is often a smart move to check a potential renter’s credit report.
- Insurer – What many people don’t realize is that their insurance rates are often dependent upon their credit score. From homeowner’s insurance and auto insurance to even renters insurance, rates can vary widely based on an individual’s credit score. In other words, you may be paying much more in insurance rates than someone the same age as you and in the same circumstance as you, simply because your credit score is lower.
- Cell phone carriers – Before you sign an agreement with a cell phone carrier, your credit score will likely be checked. If you don’t have good credit, you could be turned down for a cell phone plan. You may also be unable to qualify for the best plan rates or even pay a deposit.
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