You probably know your monthly bills can impact your credit, as late payments or accounts in collections can land on your credit report and bring down your credit score. But are you aware your credit score can affect the payment amount on a number of your monthly bills?
Here are seven monthly bills with payments your credit score can determine.
1. Rent payments
When you apply for a lease, your landlord might request a background check that includes your credit report. They can’t run a background check without your permission, although refusing may prevent you from moving forward with the lease.
According to the Federal Trade Commission (FTC), the landlord can take adverse action if they find red flags in your credit report. This action could include denying your rental application or raising your rent higher than they would charge another applicant. The good news is they are legally required to give you written notice if they take adverse action, provide you the report they used (if you request it within 60 days) and give you the chance to dispute the information.