Credit Report - Why Your Financial Prosperity Depends on it
It may already seem like it stating the obvious that credit reports function primarily to help any lending institution, from banks to mortgage companies make a judgment about lending you money or credit in any form.
Lending institutions are deeply concerned with being repaid for any loans they make to any individual. This is what the whole financial industry is based. But how does this affect you, you might ask. As lenders seek to provide loans to a larger target market, people with low or unfavorable credit scores also become a market. People that fall into this category are charged a very high interest rate as not just the cost of lending you money but also as the cost of the risk of providing you with the higher risk rating a loan.
These loans are structured to benefit the lending company completely. Even if you default you would have already paid the company most of the loan but in addition now you owe them extra and they can now go after you to get that extra money. This is the cost of having a low or negative credit score. If you intend to get a loan at one time or the other to finance a car, your home, an education, or any other purchase that requires financing or credit you might begin to consider the importance of having and keeping a good credit score.
Even something as simple as leasing or renting an apartment requires the use of your credit score. The reason behind this is the need for the landlord to know that you can pay your rent fees when it falls due. So again keeping a good credit score will be beneficial to you.
Even more importantly there is a new trend by employers in using potential employees' credit score to assess applications. There is a silent belief that individuals with good credit scores are more responsible and reliable and therefore worthy of employment. The irony is that the people who might be in need of the job more are the very ones who are denied. Unfortunately this is the way things are. There really is no need not to be on top of your credit score or ratings. It affects every facet of your life your present and your future. The safest thing to do would be not to ignore your credit report.
Related Tags: employment, application, personal finance, credit rating, credit report, credit history, credit ratings
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