The credit report includes a list of all the past and present credit accounts open under our name, for example loans, credit cards or all other instalments. The report records each date when the account was opened, your instalments payment history and your current outstanding balance.
It is obvious to assume that only lenders who provide financial assistance would check credit report, but this is not the case. Your credit report is viewed by a number of other organizations. Below are the lists of some organizations that can check your credit report:
• Employers: If you wish to work in a bank or any other financial institution you shall need to undergo a credit check. But did you know that employers can require a credit check.
• Insurance Companies: Insurance companies have found that they can use credit score to determine how likely people will be paying their insurance premium.
• Insurance Agents: Insurance companies correlate credit scores with the number of claims you file. Insurance study claims that drivers who have high credit scores are less averse for claims. When one applies for a premium from an insurance company, the premium you are pay and the rate you receive is based in some part on your credit score.
• Utility companies: When you open utility accounts, including electric, cable and telephone services, they also examine your credit history. Utility companies use your credit score to determine whether you will be required to put down a deposit.
Credit Sudhaar is India’s first Credit Health management & improvement company whose goal is to help clients to Restore, Enhance and Protect their Credit and make them credit healthy.