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Who Looks At Your Credit?
CreditorsThis refers to anybody that's extending you credit. In most cases they'll be credit card companies. There are so many different credit cards out there right now wanting to give you credit. And hey, who doesn't want it. It makes buying stuff a lot easier. But these credit card companies want to know they'll be paid back. They use your credit profile to closely examine your credit payment history. Pay your bills punctually and not excessively overusing your other credit accounts are good signs that you're safe to extend credit with.
Banks
Need a loan? Well before banks can give you one they'll want to know they can trust that you can pay it back. So they'll obviously be taking a look at your credit profile to determine how trustworthy you are about keeping up with paying bills on time. Banks will also look at your credit history and your credit score to determine what interest rates they want to charge you.
Insurance Companies
Insurance companies, especially car insurance companies, often associate people with bad credit with people that file more claims. This has probably been statistically documented. You can probably come up with ideas and figure out why this is. So some insurance companies will look at your credit history before determining your premium. A poor credit history often leads to an assessment of riskiness and then to higher premium coverage.
Landlords
Two things that landlords like in their tenants: people who don't cause trouble and people who pay the rent on time. In assessing a potential tenant, a landlord will want to first look at if a person can pay the rent and if he has a good history of paying bills on time. This information can be found by examining a credit profile and history.
Employers
Credit histories serve as good indicators of a person's financial responsibility. Many employers correlate good financial responsibility with good job responsibility. After all, if an individual's finances are well managed, it isn't unreasonable to assume that the other areas of his life are well managed. This creates for a stable and dependable employee. Thus before potential employers put forth an offer, they'll usually want to run a credit check.
You
You should be looking at your credit at minimum once a year. However it's recommended that you pull it up more often than that so you can check if there are any errors or fraudulent and suspicious activities going on. Any of these could negatively affect your credit score and your ability to get good credit and interest rates. An inquiry made by yourself is considered a soft inquiry and will not hurt your credit. So do it as often as you'd like and have peace of mind that everything is as it should be.
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