Credit influences many things that affect our daily lives, including our home and job. Prepare your credit for apartment hunting, job applications, insurance shopping, and opening new utility accounts.
Apartments
Your credit report is often pulled by a landlord or rental agency as part of the review process. They will also check that the name, address, and employer on your report match what you put on your application.
Auto loans
Your credit score commonly influences auto loan rates available to you.
Cell phones
Cell phone companies will check your credit score before deciding to grant you a service plan. People with credit issues may be asked to put down a large down payment or pay extra for a service contract.
Child support enforcement agencies
Child support enforcement agencies can check the credit histories and child support payment records of delinquent parents. Non-payment can damage credit scores.
Credit cards
When you apply for a new credit card, the company will review your credit score to see if you qualify and what terms you should receive. Credit card companies often review the credit scores of existing customers and in turn may adjust their rates.
Employers
Employers must get written permission before they can review an applicant's credit report. Usually employers review your credit report for major negative records or discrepancies.
Government assistance and licensing
Technically, any government agency can access limited information from your credit files without your permission (name, address, former addresses, current and former employers).
Insurance
Home and auto insurers commonly use consumer credit information along with your application data in determining rates and terms. In fact, more than 90% of auto insurance companies now use credit data.
Mortgages
Mortgage lenders usually review all three of your credit reports and credit scores as part of the application process.
Utility Accounts
Electricity, cable, and other utility companies may check your credit report with your permission when determining your rates. People with credit issues could be required to put down a deposit, add a co-signer, or pay higher rates for their utilities
