How Your Credit History Affects Your Life

Your credit history can affect many areas of your life that you may not expect.  

• Your ability to get a loan.

• Your ability to get a credit card. 

• The terms and interest rates you are offered on your potential loans, like car loans or home loans.

• Your ability to rent a home or apartment.

• Many good jobs will use your credit history as a reference.

• Your Car Insurance rates 

• The Deposit required to get Utilities turned on.

A good credit history can make it easier for you to get approved for credit and with better terms. 

On the other hand, a poor credit history can make it difficult to get approved for many things besides loans and will result in higher interest rates and fees.

 Some landlords, most property managers and employers will check your credit history as part of their screening process, which can affect your ability to rent a home or get a job. 

Who can View Your Credit History?  

Your credit history is maintained by credit reporting agencies, such as Equifax, Experian, and TransUnion. These agencies collect and maintain information about your credit accounts and payment history, and they use this information to create a credit report. There are several groups of people who can view your credit history, including:

1. Lenders: Banks, credit card companies, and other lenders use your credit history to determine your creditworthiness and to decide whether to approve you for a loan or credit card.

2. Employers: Some employers may check your credit history as part of their screening process when you apply for a job.

3. Landlords: Landlords may check your credit history to decide whether to approve your application to rent a property.

4. Insurance companies: Some insurance companies may use your credit history to determine your insurance rates.

5. Collection agencies: If you fall behind on your payments, your account may be sent to a collection agency. They may check your credit history to locate you and to see if they can collect the debt.

6. Government agencies: In some cases, government agencies may check your credit history when you apply for certain benefits or services.

It's important to know that you have the right to access your credit report for free once a year from each of the three credit bureaus via annualcreditreport.com