photo credit: Casey Serin

A lot of people neglect their credit scores, citing your score is just a ’stay in debt’ score. Some say it doesn’t matter because they’re not applying for credit anytime soon. Well, your credit score can affect much more than just the interest rates you get on loans or credit cards. MarketWatch recently published an article on who else watches your credit.

• Employers – Many employers now do a credit check as a condition of employment, particularly if you work in the financial industry. Bad credit or too much debt can equal no job.
• Insurance companies – Those with good credit are often rewarded with lower premiums. My car insurance company recently requested that I provide my SSN and allow them to do a credit check. Both Mr. Savvy and I obliged and our rates were decreased as a result of our good scores.
• Landlords – It goes without saying that the vast majority of landlords will check your credit, as well as any criminal record. A landlord wants to know that you will pay your rent on time, each and every month. The best indicator of this is whether or not you pay your other bills on time.
• Utility companies – It’s become the norm for utility companies to request your SSN when you initiate new service. If your credit is good, you will rarely have to pay a deposit. However, those with less than stellar credit often have to pay substantial deposits. This ensures the company will get at least some of what is owed if you skip out on them. However, for those whose finances are already tenuous, having to pay a large deposit can set them back even further. All the more reason to keep your credit in order.
• Cellphone providers – Just like utility companies, cellphone companies want to know that you won’t incur a large bill and leave it unpaid. While they can disconnect your service, the threat of a loss of cell service doesn’t carry the same weight as the threat of no power or water. Therefore, cellphone bills aren’t high on a lot of people’s lists.

So you see, credit scores are about more than just obtaining credit. It’s increasingly affecting other areas of your life. If you haven’t done so already, take the time soon to pull your credit reports and score. Be sure to verify all information and correct any errors. If the adverse information IS correct, start today on working to improve your score. It may save you hassle and money in the long run.