Who May Check Your FICO Score?

Your FICO score, sometimes called your "credit rating," is a numerical measure of your credit history and creditworthiness. A FICO score of 850 represents perfect credit, while a rating of 300 is the lowest possible score; the median score is 723, according to Dana Dratch, a columnist for Bankrate, a consumer and individual financial information website. Besides yourself, several entities can access your FICO score.

Prospective Employers

Businesses will often check your credit report and FICO score before making a hiring decision. Companies do this because they believe applicants with higher credit scores are more responsible, better at managing money and have higher degrees of competence than those with low credit ratings. To check your credit, a prospective employer will contact one -- or sometimes all three -- of the consumer reporting agencies and request your information. The Fair Credit Reporting Act, a federal law, requires them to obtain your permission before obtaining your credit report and FICO score.

Lending Agencies

Banks and lending agencies will check your FICO score before approving you for a mortgage, car loan, home equity line of credit, private student loan or other form of loan. Lenders do this to reduce their risks -- someone with a high credit rating has a much lower chance of defaulting on a loan than someone with a poor FICO score. If your score is high, a lender will probably approve your loan application. If you have a poor FICO score, a lender will deny your application, or approve it with a higher interest rate.

Credit Card Companies

Credit cards function much like short-term loans: you can use your card to make purchases, but you must begin paying them back during your next monthly billing cycle. If you refuse to pay, your card issuer must pursue you and try to collect what you owe, causing the company to lose money. For this reason, credit card companies will check your FICO score before approving your card application. Your good FICO score will help you get a card with a higher credit limit, lower interest rates and more rewards, while a poor score will leave you with a rejection or a very high interest rate.

Landlords and Rental Agencies

The largest component of your FICO score is your "repayment history" -- your record of paying bills on time, every time and in full. Landlords' and rental agencies' livelihoods depend on timely, complete rent payments. For this reason, many landlords and rental housing agencies will check your credit before making a decision on your apartment or rental home application. A poor FICO score will likely result in a denial, keeping you from renting a home or apartment unit.