Do you who has access to your credit report?
22nd November 2011
Recent research has shown that many people do not actually know what their credit report is. They know that it has something to do with creditors and loans, but they have no idea how to access theirs. This is a shocking find as your credit report can help you to avoid problems with future creditors and to detect ID fraud. There are several organisations that have access to your report. Here you will find out more information on who can see your report and what it contains.
“The Fair Credit Reporting Act
It is the Fair Credit Reporting Act that determines who can view your information. Not just any company can take a look at it. After all, it contains personal information such as bank account details. A company can therefore only request your credit file for financial reasons. They can request it for an employment application, insurance applications, in relation to a debt that is owed, tenancy applications, credit cards for bad credit applications and for any other type of financial dealings.
If you have borrowed money from a company then they can continuously view your report whenever they want to. This is because you have an ongoing relationship with them. If you were to miss a repayment the company can request an updated copy of the report. It is often used by credit card companies to determine whether a consumer’s circumstances have changed. They look for warning signs that the debt might not be paid off in time. If you notice that your credit limit has either increased or decreased, then this will likely be down to the creditor checking your credit report.
In the case of employers, they have to receive your permission each time that they want to check your report.
The only other person who can look at your credit report is you. You are legally entitled to vie your own report. The first time that you view the report, it is free. Every other time that you want to view it you will need to pay £2.
Where Does the Information Come From?
The information that is contained within your report is given voluntarily by creditors. If you miss a repayment then that will go on your report. Similarly, if you make a repayment or pay a debt off, the creditor will also update the report.
If you apply for a loan or for a credit card then that will also go on your report. This will then raise a flag to other lenders. Your report basically tells those who look at it the following:
• Your personal information
• Any inquiries you have made
• Your credit history
• Your public records
• Your credit score
As your credit report is so important, it is vital that you fully understand it. By constantly checking your report you can keep a lookout for any changes that might crop up. Mistakes are also sometimes made and you will be able to change them quickly if you view your report online. The above mentioned companies are the only ones that can check your credit report.
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