I’ve been privy to a number of people’s credit reports when they have allowed me to help them with their personal finances. While I have never judged someone or rejected them because of the information in the report, it does provide a lot of useful insight into the way they manage and organize many aspects of life.
Today, your bank and I may not be the only ones interested in this information. Employers, utilities, and landlords may also want to review your financial history. Many people will find this annoying and intrusive.
Why should a prospective employer need to know your credit history?
Why do you have to pay installation fees when they are waived for those with a better credit score?
Who decides what “good credit” is anyways?
For now, let’s ignore the “credit score” and address the credit report itself. When I look at a credit report, I am not even concerned about the score at first. The credit history is what really matters. Your history shows how you handle making payments over the time you’ve had each account. If you have a pattern of late payments, whether you are a day late or months behind it will show. [Read more…]