Are credit scores used for anything other than one prong in credit and/or employment decisions?

Factual Questions
1

It is well known that credit reports and/or credit scores are used as one input in the determination as to whether or not to extend credit, for example an installment loan, a credit card or other non-fixed, revolving debt, or services on credit (e.g. postpaid phone service or other service now, bill later scenarios). At least in the US, it is also becoming more common for employers to check credit reports/scores and make hiring decisions at least in part based on that. Also, the US Federal Government sometimes makes security clearance decisions based at least in part on credit reports, with specific reference to delinquencies.

  1. Are credit reports used for anything else? Are there any schools that make student admissions decisions based at least in part on the candidate’s credit report (e.g. “Sorry, while your undergrad GPA is good enough for the MS in Basket Weaving program, your credit score just isn’t up to the level of a Master’s Degree candidate and so can’t admit you now.”)? Are there countries that condition entry/immigration/visas at least in part on the foreigner’s credit report (e.g. “You need at least a 630 credit rating to visit Ruritania visa-free. If your score is below 550, you can’t get in even with a visa.” or “If you would be inadmissible to Outer Gargolistan because of a criminal record, you can overcome this with an excellent credit report. Every point above a credit score of 680 counts. 10 points removes the stigma of a misdemeanor and 50 removes a felony.”)

  2. Is there anything in the world that you can qualify for solely based on your credit report or score? E.g. “Second Awesome Bank will give you $10,000 at 4% if you have at least a 710 credit score, regardless of your income.”

For the purposes of this question, I am interested in cases either involving credit “reports” or credit “scores”. An example of a situation where the “report” would matter independent of the “score” is a policy that, “No student will be admitted to PhD candidacy if they are overdue more than 180 days on any debt according to their credit report. Any current/previously admitted candidate whose current report indicates that they are more than 180 days delinquent is subject to school discipline, including suspension or expulsion, at the Dean’s discretion.”

2

  1. Colleges and universities normally separate the admission process from the financial process. That said, I don’t doubt there are some private schools that want to check an applicant’s or parens’ credit record.

  2. In addition to the other financial things mentioned, many landlords will not rent without a credit report or at least a score.

3

  1. Does anyone know of any examples?

  2. Good thought, forgot about that. Thanks. Depending on how it is billed, it could fall under my “service now, bill later” scenario.

4

Auto Insurance underwriting scores use credit score as a component.

Government Security Clearance screening use credit scores as one of their criteria.

5

I mentioned this in my OP.

6

I work in a business tangentially connected with insurance companies and they use credit score for all sorts of things, mostly related to possible fraud, but also how likely you are to make a claim.

I might guess that your credit score is your most important publicly available information.

7

No, they use Credit Reports. Not scores.

8

Your credit score alone could cause you grief, regardless of your income. It could be the sole deciding factor:

Example:

If you have X Visa, and you pay it on time for years, and you make some late payments on other accounts and your credit score drops by 100 points, X Visa could be monitoring your score, and the sudden downward turn will cause them to either cancel your card or cut the limit way, way down. This adverse action was brought to you buy your score and your score alone.

Example:

Easy-peasy home refi. No income or other docs needed. All they do is run a credit check. Score comes back under par, and you ain’t getting the easy home re-fi. This declination was based solely on your credit score.

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