By: Tony Francis
Submitted: 2010-01-30 13:02:04 | Word Count: 506
A credit score is as important as the internet these days. One cannot survive without either of the two, and that is a fact. Life without the internet is like living in the wild forests of the Amazons praying for a wild boar to pass by as you await your dinner. On the other hand, to live a life without a credit score (a good one that is) is a life without loans, without credit cards and who knows, maybe without a car too and is simply not possible.
It is a fact that cannot be denied that loans rule our lives. From the seemingly innocent credit card for the monthly grocery to that ultimate house loan of your dreams, loans are indeed needed. But it is not possible to have a loan without a credit score from these 3 major credit reporting companies namely Equifax, Experian and TransUnion.
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Experts say that nowadays, even landlords take a look at the credit reports possible tenants. This simple “run” makes things a lot easier for them because they are able to see data like evictions and late payments. This is important to landlords because they are able to have an overview of their future relationship with the aspiring tenant. Landlords started going crazy over this “fad” because survey results say that people pay their car mortgages first before house rents, thus, the “peeking landlords” were born.
Another case to prove that credit scores mandate the way we live is just recently, employers started basing hiring applicants not just by panel interviews but with asking permission to view an applicant’s credit report. This alone, they believe is enough to get to know a person and his personality. Not only will the report show how a person handles his finances, it also gives an overview of the person’s ability and personality.
With regards to credit card application, all a person needs these days is the said score. It is as simple as saying that a good score will men approval while a bad score will as expected, mean denial. Even the interest rates of mortgages are based on these scores. A clear example would be, basing on a 15 year house loan, if a consumers credit score is ranging from 500 570, he is to expect a monthly payment twice as much as one whose score range is in between 760 850. This is mostly because a low score means low credibility also and the high rates are assurances for the hesitant credit company.
These are just some of the examples of real life situations where a consumer can prove how manipulating a simple score can be. Though these reports and scores are undeniably part of every American’s life whether he accepts the fact or not. But it does not mean that consumers can just sit back and accept defeat. If there are a hundred and one ways how these scores affect one’s life, there are also a hundred and one ways to improve these scores and end up the victorious one.
Author Resource:-
To understand your credit report and score more, log on to http://Free-Credit-Reports.com. Not only will you receive a free copy of your credit report, the site will also check your credit score.
