Using credit wisely does much more for the consumer than just qualifying him or her for the best interest rates on future loans. The following list includes other services and products that usually involve a check of your credit rating or report:
- Insurance premiums for vehicles, homes, apartments, and private life policies
- Apartment applications through property management companies
- Many banks and credit unions for opening a new checking account
- Job Application, especially in government, finance, and law enforcement
- Utility Companies to establish the need for a security deposit
- Cell Phone Service Providers to determine eligibility for monthly plans
- Elective medical procedures (those not covered by healthcare insurance)
- Private elementary and secondary school applications
Generally, having a good credit rating increases the likelihood of approval and/or decreases the cost of the service.
Because federal law prohibits the use of your credit history or credit rating except for legitimate business purposes, few other organizations look at your credit report or your credit score. No private individual should ever have access to your credit.
