Whether you realize it or not, your credit report and credit score can have a big impact in your life.
Most consumers are fully aware that their credit score and credit report have a lot to do with whether or not they can get a mortgage loan, a new line of credit, and an attractive interest rate. However, there are other influences your credit score or credit report go beyond just your ability to get a loan.
For example, if you're looking to rent a home, condo, or apartment, your landlord will likely request access to your credit report. Since your credit report is a road map of your financial trustworthiness, a collection, repossession, eviction, or a history of late payments could cause your rental application to be denied.
Prospective employers may also request access to your credit report before hiring you. Your ability to responsibly manage your credit and pay your bills on time can sometimes speak volumes to prospective employers.
Even insurance companies and utilities may take your credit report into consideration. It's been statistically shown that people with higher credit scores cost insurers less, while the opposite is also true (low credit score customers cost insurers the most). Thus, it's not somewhat common for insurers to charge consumers more if their credit report is littered with bad news. As for utilities, your credit report, no matter how bad, isn't enough to get your service denied. But, the utility or utilities in question can request a sizable deposit to offset what could be a poor credit history.
There are, however, a number of factors that won't impact your credit score, despite the popular belief that they will. Here are five of them.