THD Credit Consulting

The Cost of Bad Credit

Erik Kaplan

Erik Kaplan

Erik is the CEO and Founder of THD Credit Consulting

Most of us want a good Credit report to obtain automobile financing, credit cards, and to purchase a home.

But, beyond these Consumer loans, your credit report can cost you in everyday living expenses.

What you don’t know about your credit could be costing you money.

Did you know that your Credit History can keep you from getting utility connections, good telephone rates, the best auto insurance and home owner’s insurance?

1. Utility Services – Unless you are moving into a home where someone else is paying your water, electric or gas bill,  you need to apply for these services.  Applying for utility services is applying for credit.

Like other creditors, utility companies ask for information like your Social Security number so they can check your credit history — particularly your utility payment history. A good credit history makes it easier for you to get services. A poor credit history can make it more difficult.

2. Wireless Plans – On average, one in three consumers applying for wireless service won’t have a strong enough credit history to qualify for the best post-paid plans and discounted devices.

This means there are millions of Americans stuck on pre-paid service, or paying more than they need to each month because weak credit has limited their options.

3. Auto Insurance – Like regular credit scores, the insurance score is based on reports from credit bureaus and things like late payments, outstanding debt, bankruptcies and new applications for credit.  Drivers with median credit scores were found to pay 24% more!!!

4. Homeowners Insurance -Once an insurance company has your credit score, they use it to assign you an “insurance score”. This insurance score reflects your potential risk to the insurer. The insurance carrier then takes your risk potential and calculates your premiums. The more risk you pose, the higher your premiums will most likely be.

Qualifying for better insurance premiums is just one other way that you can save money by keeping a good credit rating.

THD Credit can help boost your credit score so you can save money on everyday expenses and get high-quality insurance.

Call us today at (800) 822-7120 for a free consultation! 

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