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WHO LOOKS AT YOUR CREDIT REPORT?
In the past, creditors were the only groups
interested in your credit report. Today is very
different. More and more companies, agencies and places
of employment are pulling credit reports when determining
whether or not you are a responsible person. No one is
allowed to run your credit without your permission. Below
is a list of common scenarios of when you can expect your
credit to be examined. Learn more about
how your credit report is impacted by lifes' occurences.
-- Moving into a new apartment? Landlords conclude
that if you have decent credit, you are likely to pay
your rent on time.
-- Looking for a new job? Potential places of
employment consider good credit as a sign of a
responsible person. Bad credit is obviously frowned upon.
-- Any financial institution that you are applying
for any type of credit or loan with is going to run your
credit when determining approval, interest rates,
approval amounts, and loan terms.
-- Looking for a new auto insurance policy? More
and more auto insurance carriers are looking at credit
reports when deciding if they should rant policies, and
what kind of rates to assign.
-- There are also companies that
will run a 'soft credit' check of your profile to see if
you match a certain standard or scope of credit score.
These are the companies that send you pre-approvals for
credit cards, car loans, and personal loans. Don't worry
though, these types of credit inquiries do not affect
your credit score. You can also choose to not receive
these offers by contacting all of the three major credit
reporting companies and 'opting-out' from these types of
offers.
Star Loan Services suggests that you
obtain a copy of your credit report annually to make
sure all of your data is current.
Understanding how your
credit score is calculated is also very important.
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More
educational information about credit reports can be
seen here.
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