The Past...Has Changed...Now the New...Criteria has arrived...

There was a time when a credit report was strictly used to estimate the likelihood of repayment in the event that you applied for a loan. But in recent years, companies have begun to find surprising uses for your credit score.

Today, credit scores are becoming an increasingly important part of modern life and maintaining a high score can be vital to your finances.

1. Automobile and home insurance companies are now checking applicants’ credit scores to gauge the level of risk that they represent. Their data has shown that those with low credit scores represent a greater risk of filing a claim than those with higher scores.

While it may not seem fair that your credit history is used to judge your risk as a driver or a homeowner, this practice is legal. Therefore, maintaining excellent credit can save you hundreds of dollars a year in insurance premiums.

2.While applicants’ credit scores are not accessed directly by employers, the law allows credit reports to be checked.

“About 13% of employers check credit reports for all candidates, and 47% check for those applying to selected positions,” MSN Money reports.According MSN Money, “About 13% of employers check credit reports for all candidates, and 47% check for those applying to selected positions, according to the Society for Human Resource Management.”

Typically, employers will focus on positions that involve security or responsibility over money, but not always. Federal law allows credit checks for pre-employment screenings, although it must be first approved by the applicant. Since applicants who refuse consent probably won’t get hired, many consider these checks to mandatory in effect.

3. Phone and power companies have for some time accessed customer’s --credit reports. Those with poor credit were often made to place a deposit before they could receive service.

According to the Federal Trade Commission, “The utility company generally can require you to make a deposit or obtain a letter of guarantee if you are a new customer and all new customers are required to pay a deposit, or if you have a bad utility credit history.”

By maintaining good credit, you can avoid the need to make deposits when you order new services.

4.Landlords frequently check credit reports before renting a home or an apartment.And while tenants are unlikely to pay higher rents if they have a low score, they are less likely to be approved to rent in the first place.

5. Although many people will use their credit card to borrow money, there are a sizeable number who will pay their balances in full every month to avoid interest. In fact, there is a specific product designed for these people called a charge card.

Charge card users may not consider themselves to be borrowing money, yet they will need to have an excellent credit score to receive one.

For some people, it may be tempting to give up on maintaining a high credit score. In fact, some feel that they don’t care about their credit history since they have no plans to borrow money.

But for better or worse, your credit history is still very important for reasons that may have little to do with borrowing.

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The High Credit Score Team