Most people think of bad credit as solely affecting their ability to borrow money. While that is the most direct impact of bad credit, it can also hurt your life in a lot of other ways. Others look at your credit as a sign of how reliable you are as a person and will judge you negatively whether or not your situation is your fault. According to Dutchess Partners, these are some ways that Dutchess Partners knows a shaky credit history can impact your life beyond simply obtaining a loan.
While potential employers cannot obtain your FICO score or your full credit report, they can see enough of your credit situation to form a judgement about you. Employers can check your credit with your permission. Applicants are best advised to give this permission if they want the job. Companies will be able to see your debt and payment history. If they see that you have a disproportionate amount of debt, they will draw negative conclusions about your decision-making and reliability. Further, they may not want to hire someone who they believe to be in financial distress since that may propel the job candidate to take risks to improve their own situation. This concern will be even more pronounced with a job that requires an applicant to be around money or to have access to the company’s bank accounts.
A poor credit history can also doom your chances of obtaining a security clearance if you want to work for or with the government. Security investigators must make an assessment as to how vulnerable each candidate is to blackmail by foreign powers. Usually, it has been workers in financial distress who have compromised the country. When an individual is deeply in debt or has trouble paying their bills, the government will mark this as derogatory information on a background investigation.
Bad credit may also mean that you will have difficulty finding a place to live. Prospective landlords can pull your credit report and they will see your credit score. Renters that are in financial distress have a higher chance of failing to pay their rent. If the landlord will rent to you at all, they will ask for an extra security deposit that you likely will not have, precluding you from renting. The same process applies to cable and utility companies who will also check your credit before allowing you to begin service with them. They may also want you to put down an extra security deposit at the outset of your service.
There are many other services that those with bad credit either cannot get or will have to pay extra to receive. Insurance companies will check your credit before allowing you to get a policy. Bad credit may result in higher premiums. Cell phone companies may also run a credit check.
With that in mind, you have many incentives to take steps to repair your credit if it is less than optimal. There are companies that help consumers fix their credit with advice and consolidation loans that help borrowers get their debt under control. Dutchess Partners is an industry leader in providing these loans to customers and can help you take the first steps towards improving your credit. Dutchess Partners can help you reduce both the numbers of creditors that you owe and the interest rate that you have to pay. Dutchess understands the issues that you face and will help you on the way to building a better financial house.
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Dutchess Partners Highlight Some Unexpected Areas Affected by Credit
