Do you know who is checking your credit scores?
The Lawhead Team would like to share the latest One Cool Thing to let you know how your credit scores are being used.
Who’s Checking Your Credit?
Consumers underestimate the impact of credit scores – and a significant number don’t even know that credit scores are used by non-creditors.
Only half of consumers know when lenders are required to inform borrowers of their use of credit scores:
- After a mortgage application
- When not receiving the best terms on a loan
- Whenever a consumer is denied a loan
Not all consumers know which companies look at credit scores:
- 53% know that electric utilities may use credit scores
- 66% know that credit scores may be used by home insurers
- 68% are aware that cell phone companies look at credit scores
- 70% know that landlords check credit scores
Source: Consumer Federation of America