You'd be surprised. It can affect insurance rates for one. It can cost you a job, or promotion for another. It can even keep you from getting a cell phone plan, or cable TV, or other utility. Might even keep you from renting a car.
Huh, what's so scary about a consumer credit report? The entire report can seem a little long, but doesn't contain much that is revealing unless you have a lot of loans out? Otherwise, who cares that my credit cards are listed with monthly payment history going back 7 years. This is a sliver of info compared to what Google or Facebook keeps on people.
I guess....I suppose I've just not had any of those issues because my rating has been pretty stellar. The last time I wanted an unsecured loan, I ultimately had something for collateral, so I ended up saving myself 6 and a half points by going with secured loans. My real point for the purposes of this thread is that closing a few lines of credits shouldn't change anything. If you're under 700, I would imagine you may be subject to scrutiny and I totally agree with those that say that's somewhat discriminatory, depending on how the credit rating is calculated and what the difference in rates charged actually are.
Lower credit rating typically follows wealth, which is typically built over time....so the whole thing pertaining to insurance could absolutely be age discrimination, though they will likely just claim it's "risk assessment". I'm in agreement that the practice is dirty...but at the same time, as long as my assessment is that I'm lower risk and insurance companies give me a good rate, maybe I shouldn't care how they screw over others? I really don't know what the proper response should be.
