You may already know that a good credit score will add to your favour when you apply for a loan or credit card. But did you know that this is not the only time you’ll need it? We dive into the other reasons why your credit score matters.
1. Employers
Companies may do a credit check on you as part of their hiring process. The reason for this may vary, but ultimately, they want to see how responsible you are with your finances, and how this may affect your performance at work. They might also want to verify that you are who you say you are.
2. Landlords
If you rent a new house or apartment, landlords or agents will check your credit report. They’ll look for any red flags, such as missed payments, bankruptcies, or judgements.
3. Other service providers
Service providers, such as internet and insurance companies, will also check your score to make sure you’re reliable and manage your finances well. If you diligently settled your bills, then they will consider it more likely that you will also pay your monthly fees or premiums.
It's important to continually check your score and make sure it's in good shape. On your ClearScore report, you can see which factors are affecting your score and how you can improve it.
