Who uses credit scores

Different types of institutions may check your credit score for different reasons.

The credit grantors

Any institution that lends money — banks, credit card companies, financing companies, credit unions, and mortgage lenders, just to name a few — can use a VantageScore credit score to help it assess the likelihood that you will become more than 90 days late on the payment of a loan. These institutions are likely to use your credit score along with other information unrelated to your credit score that they have obtained directly from you, such as whether you’re working, your work history, how much you earn, and your planned down payment. In general, borrowers with higher scores can get more credit — at more competitive rates.

The decision makers

Lenders aren’t the only ones who may use your credit score. Companies may check your credit score too. For example:

Who’s checking scores What those scores may help them decide
Landlords How much of a deposit they may require from you
Cell phone companies Which payment plan you may be eligible for and whether any security deposit is required
Utility companies Whether or not to require a security deposit and, if so, how much of a deposit to require

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