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You probably already know that your credit history can affect things like your mortgage approval, loan interest rates, and so on. Unfortunately, poor credit can also mean higher monthly bills. If your credit isn’t great, you’ll want to beware “risk-based pricing.”
In a recent report, the FTC explained:
When you apply for things like cable or satellite TV, mobile phone service, or internet service, the company might review your credit report. They can use the information in your credit report to give you less favorable terms, meaning they can charge you more for the service than someone with a better credit history. That’s called risk-based pricing. The law says it’s OK as long as the company lets you know about it by sending you a Risk-Based Pricing Notice.
They mention that Sprint got in trouble with this recently for charging customers with poor credit a $7.99 monthly fee without sending them any kind of notice. The FTC suggests checking your bill to see if there are any charges of this nature included. Of course, you should regularly check your credit report for errors, too. If there are errors, take the necessary steps to dispute them.
For more detail check out the links below.
Take notice: How your credit history can affect your monthly bill | FTC via MoneyTalksNews
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