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Most people comprehend how vital it is to have a spotless credit report and a high credit score when they try to get a mortgage for a house or an automobile. Lenders take the credit information very seriously and they can charge a higher interest rate or even turn down credit altogether based on the information from the credit report and credit score.

But there are also some extra and lesser-known benefits to having a excellent score and a clean report. These are things that most folks are probably not even aware of.

One major reason to try to keep your credit clean and your score high is if you own any credit cards. A credit card company will often use any justification they can to inflate your interest rates. They can actually continue to check your report at anytime after you become a cardholder and even if you have never been behind schedule on a payment to them if they see that you have had problems with other lenders they can inflate your rates. It is possible that they could double or triple your initial rates.

Any damage showing on your credit could have an effect on the rates you are paying on your cards. If these troubles are incorrect or inaccurate they can still have an effect on your interest rates so it is astute to try to repair any problems that you can.

Another strong reason to have a good credit is to help you find a job. A potential employer can ask to see a copy of your credit report and it is lawful for them to not employ you based upon what is showing on that report. However, not every background check requires a credit inquiry and they must have special permission from you to access your credit history.

If you have excellent credit it may mean the distinction between getting hired or not if you are one of a few similarly qualified prospects. If you have bad credit they may not even consider you. In these changing fiscal times it is significant to preserve any advantage you may have in the job market.

The third unexpected motivation to have a excellent history is that insurance companies have done their research and they have determined that drivers with bad credit file 40% more insurance claims. To them that means that if you have bad credit you could be deemed riskier to them as a policyholder. It is estimated that 90% or more auto insurance companies use credit reports as an underwriting tool.

While these things may not seem equitable or fair the fact is that your credit report can affect all of these things and more. If you have good credit, do what you can to keep it that way and if you don’t, you can take actions that can help you improve or repair your credit.

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