Over the years, industries and businesses are increasingly using credit scores to measure their financial risks. Credit lenders have used credit-scoring systems to determine mortgages, loans and credit cards for years. But now other businesses are also using credit scores when working with potential clients.

Lending Institutions like banks and mortgage companies routinely evaluate credit scores to help minimize default rates. Higher scores are directly tied to good interest rates, as people with high credit scores are most likely to meet their financial obligations.

Credit Card Companies use credit scores to approve credit card applications. Credit scores can also be used by credit card issuers to set up credit limits on new and existing accounts.

Auto Companies check your credit score when you purchase or lease a car. It also is used to determine what leasing conditions or interest rates will apply.

Utilities and Phone Services sometimes set-up services for customers based on their credit reports and scores. If you have a low credit score, you may have to make higher deposit to start your service.

Employers can use credit scores as a measure to find out how you manage your financial commitments. But they must take your written permission before requesting your credit reports.

Insurance Companies can decide on offering insurance coverages and any premium amounts based on your credit score. Credit score, along with motor vehicle records and past insurance claims, can give them an idea of the probability of a claim being filed.

Landlords are also now running credit checks when leasing properties. This again helps them make a better judgement in renting properties, as people with higher credit scores are more likely to pay their rent in a timely manner.