Fact is that strangers, literally all kinds of strangers even criminals, are regularly checking your credit scores and history. The worst scenario is that they are faking your ID and living your life. All they’re gonna need is your social security number, which is actually not that hard to get these days.
Big Question: Who and Why are these people checking your private information?
- Credit card issuers need to check your credit before approving your new card applications or, want to give you better rates on cards you’re currently holding.
- Cable, phone and satellite service providers need your file to decide if you’re qualified to use their service.
- Insurance companies determine what kind of rates they can offer by your credit scores.
- Employers do consider your credit rating now before letting your in.
- Mortgage or loan lenders
- Car dealers
- Furniture stores, department and office supply stores etc.
- And many more…
Your financial health gives these people an impression of how you control and conduct your life in general. Even though, it’s none of theire business in many aspects, but it’s just a fact and indispensable.
As earlier mentioned, a prospective employer will check your credit report to learn if you have been job-hopping frequently or if you’ve been moving from cities to cities regularly. Why do they care anyway? It’s simply because it’ll cost a hell of time and money to train a new employee, and they always expect people will stay and keep working as long as possible after they’re trained.
If you’re married, they even know if you’ve changed spouses, since your credit report does tell them who sharing responsibility for debts.
Overall, everyone who may access to your credit wants to make sure if you were a good risk, which totally makes sense. But, what about cable, satellite and cellphone companies?
Apparently, if your credit score is too low, insurance companies can just have an excuse to charge you more. Maybe.
Cable, satellite and cellphone companies generally invest some money to get you as a customer. The so-called “FREE” equipment and installation are not really free, they can work it out for your first year of service, but they want to make sure if you can and will continue to use their products and pay for monthly fees.
Don’t your think if you should be monitoring your credit report?