Who views my credit report and why should I care?

With the ongoing credit crunch, credit takes on an ever increasing importance.  In the course of my short lifetime, the uses of credit reports has grown and become more intertwined with my daily choices and options.  I outline the the main viewers of your credit report and why each one is important:

Lenders / Credit Issuers:

Any time you need a loan, credit line or a new credit card, the lender or credit issuer will view your credit report to check your worthiness to receive the money you desire.  If you have not managed your credit well in the past, it is much harder to get the the money you want or really need.  In some cases, you will face higher interest charges that will really eat away at you wallet over the long run.

Landlords:

When you go to rent that great new shiny place to live, you more than likely will face a property owner that will view your credit report and use it to make a determination on whether you can move in or not.  Those with less than desirable credit are faced with higher security deposits or being flat out denied. 

Having poor credit limits you living options and could cause you to have to rely on alternative sources of listings such as craigslist.org.  When you do show up to view that great property, you will have to hold your breath hoping that you make the right first impression and that the property owner doesn't want to check your credit.

Insurers:

Want home insurance, renters insurance or auto insurance for that new porsche? Well, poor credit could cost you.  Insurers are increasingly using credit to figure out if you are more likey to have an accident, how big your premiums will be if accepted and if you are more likely to file more than the average amount of claims.

Potential Employers:

Times have really changed.  It used to be that your credit score had nothing to do with getting a job.  Now, a continually growing numbers of employers are relying on your credit history to make a determination on whether you will show up to work on time and whether you will take your job responsibilities seriously.  Nowadays, a poor credit history can mean kissing that dream job goodbye.

Utilities:

Utilities also peer into your credit history when you attempt to sign up for electricity, cell service, home phone, internet, cable or any other relevant service.  Again, one of the true costs of poor credit is that you could face larger than normal deposits to get your services turned on.

Your Dating or Significant Other:

If you are pursuing or are engaged in a significant relationship, you need to understand your partners credit and they need to understand yours.  Most long term relationships end due to issues revolving around money and couples need to be able to communicate effectively about money.

Last but not least, You:

It is your responsibility to actively manage your credit.  This means accessing your credit report on a regular basis and understanding the information found there and how it will impact your financial present and future.