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July 3, 2014
our credit scores and what is on your credit reports are very important. People will use what they see on your credit to gauge your financial worthiness. But who will actually pull your credit?
Whenever you apply for a personal loan, mortgage, credit cards, or auto loan the lending bank will pull your credit reports. They will not only check your scores but will look to see exactly what debts you have been positive and negative on. Banks want to make the best assessment possible of your ability to repay the debt before they lend money and depending on the loan you want they will weigh certain areas of your reports more heavily. Lets say if you had a lot of late payments on a previous auto loan it will actually hurt your ability to get a new auto loan more than it will in getting a new a mortgage.
Most Gas, Electric, and Water companies require a deposit before you can receive their services. By pulling your credit reports they will decide how much of a deposit you will be responsible for. The worse your credit the greater the deposit. This will help ease the risk they take in providing services for you.
Cell Phone/Cable/Internet Companies
These companies pull your credit for the same reason as standard utility companies, they want to judge the risk in providing you services. More risk means higher deposits or no service altogether.
More and more apartment companies have begun to check not only the credit reports but scores as wells. Landlords want to be sure that you have a history of making positive and on time payments. In some cities such as New York City, landlords have been known to require a 700 average score as well.
Some jobs, specifically those in Government and finance will require a credit check. In most cases they will not check your credit score but will check what is on your reports. For any government job that requires a security clearance they will not employ if there is too much outstanding debt or any history of negative payment.
These are the main organizations that will pull your credit reports. Remember though that for a fee anyone can actually pull your reports. If you have any inaccuracies on your credit reports you may need to consult a credit repair company. Please take a look in our “company” section to find the company that will best suit your credit repair needs.