HOW YOUR CREDIT HISTORY AFFECTS YOU

 

 

It is important to establish a solid credit history. You credit worthiness will not only affect your ability to borrow money or purchase goods and services on credit, but may also affect:

 

your employment - some employers require a credit bureau report. Poor credit could mean that you are not offered the job. For example, you cannot be bonded or obtain a security clearance.

 

your living accommodations - landlords regularly request credit bureau information for applicants seeking apartments. Landlords do want tenants who do not pay their bills.

 

the interest that you have to pay to borrow money - individuals with better credit records pay lower interest on loans than those who are greater credit risks.

 

your convenience - renting a car, making hotel reservations, and hundreds of other transactions are much easier if you have a credit card.

 

What is in Your Credit Record?

 

Identifying information - name, date of birth, social security number, current address and your spouse's name.

Employment information - occupation, current employer, and time on the job may be included.

Financial data - credit accounts, credit available, and bill paying history.

Public record information - such as bankruptcies, lawsuits, or nonpayment of child support.

Any inquires received - usually within the past two years, for credit information about you.

 

Credit reports do not contain information on a consumer's life style, personal habits, social life, friends or relatives. In addition, they do not contain medical histories, civic or political activities, religious beliefs, or news items.

 

(Source: International Credit Association)