“Everyone from your insurer to a potential employer consults your credit file. .. Lenders, landlords, collection agencies, credit card companies, cable TV companies, cell phone providers, ISPs”… (Motley fool, December 6, 2004)
Below are some examples of why it is a great idea to invest on fixing your credit report:

Mortgage Payment

Figures reflect national average rates for $165,000, 30-year fixed mortgage.

** The amount one could save over the life of the loan if credit score was 760 or higher.
Rates as of June 12, 2007, from myFICO. (Bankrate.com June 18, 2007)

Auto loans

Suppose you decide to purchase a new 2007 Toyota Camry from the dealer, take a look at the numbers:

FICO score below 580

FICO score 730 or above

The monthly savings would be = $116, yearly savings would be = $1392
Over the term of this loan, 60 months, the savings would be = $6960
So, what could you do with that extra $1392 a year or $6960 over 5 years?
 

Credit Card

Suppose that you pay $140 a month (on time to avoid late fees, and a negative credit report of course) to pay down a $5,000 credit card debt.

With poor credit, you may qualify for an average rate of 29.99% APR. You would have paid a total of $12,651 ($7651 in interest) and it would take you 7 years and 7 months to reach a zero balance.

With good credit, you may qualify for an average rate of 13.99% APR. You would have paid a total of $ 6,500 ($ 1,500 in interest) and it would take you 3 years and 11 months to reach a zero balance.

As you can see, the difference is huge, the choice, is yours. Below is a paragraph that I though everyone should read, but regardless of what you decide to do with the money you save, it is better than just giving it away, wouldn’t you agree?

What could you do with the money (your money) you save?

Perhaps the wisest thing you could do is become a homeowner. Over time, Real Estate is a steady and sure investment, not to mention rewarding in many other aspects. You will always need a roof over your head, ways to decrease your tax burden, and at some point the possibility to tap into the equity build into your home for personal or financial reasons. Homeownership makes sense any way you look at it, and paying less month to month by having a better credit score makes it much more obtainable.

However if you are already a homeowner, I would like you to read the following paragraph:
“Gail MarksJarvis, author of "Saving for Retirement without Living Like a Pauper or Winning the Lottery," asks: "What if you could invest that money in a simple mutual fund that covered the entire stock market and left it until you were approaching retirement?" Historically these funds have earned on average 10 percent per year.

Investing even $100 per month of money saved, thanks to a better score, over the course of 40 years adds up to over $559,500”. (Bankrate.com June 18, 2007)