Of all the many different types of credit – for example, retail credit, loans, charge cards, and mortgages – utility credit may be the one that most people cannot do without. Utility credit is the credit extended to users of gas, electricity, and water services. Phone service also can be considered a utility.
Having an account with a utility provider is a lot like having any other credit account: You get service now and pay for it later. And, like other creditors, utility companies keep a record of your payment patterns. This record becomes your utility credit history. It’s important to have a good utility credit history because it becomes part of your entire credit history, which often is a determining factor in your ability to get credit – including utility services – and sometimes even a job, in the future.
To ensure fairness, federal law prohibits utility and other companies from engaging in discriminatory practices. Specifically, under the Equal Credit Opportunity Act (ECOA), these companies cannot discriminate against consumers on the basis of sex, marital status, race, national origin, religion, or age. They also cannot...
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