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Know the People Who Can Access Your Credit Report

Your current and past addresses, your employer information, your credit accounts and even you payment histories are all available on your credit report. Sometime the amounts you owe and employer information are also on the report. Even though the reports sometimes contain information that are not required to calculate your credit score they are still useful to people requesting the report. Frighteningly this is a report that can be found on the internet which means it is susceptible to hackers.

Who Can Access Your Credit Report

We guard our personal information closely but there are more people with access to an individual’s credit report than many people realize. Below we have outlined eight people who can access your credit report.

The people who can access your credit report you may know about

You

It is allowed, and even important, for you to know you can access your own credit report. Each of the credit bureaus allow you one free report per year and after that you can request your report without penalty for a reasonable fee.  You should check your credit report from time to time to be certain the information is correct and to protect yourself from fraud. It is possible someone could be using your personal information to create debt you are completely unaware if. Checking your own credit report will alert you to this type of problem before it destroys your financial well being.

Potential Creditors

It stands to reason that when you apply for credit the potential lender would need to see your history with other creditors. They need to protect their investment and use the numbers to decide not only whether to extend a line of credit but also how much that credit line should be. What you may not realize is is that when you apply for a loan your signature is not required for a credit check

Debt Collectors

We’d probably all rather that debt collectors not be people who can access your credit report in order to track us down, but they can. It would be great if they could not use your credit report against you but it is perfectly legal for them to. In addition to using your address to find you they can also look at the credit information to determine how much they believe you can pay toward what you owe.

The People Who Can Access Your Credit Report You May Not Know About

Insurance Companies

More and more businesses are determining your financial responsibility by looking at your credit history. Insurance companies  use the information included to judge not only your fiscal reliability but also your overall responsibility. As a result it can be used to determine whether you are approved for a policy, and how much you will pay in premiums.

Employers

While they may not be able to see your credit score, potential employers are able to look at your credit report.  This used to be true mostly for jobs in which you dealt with the finances of others but these days any job could request it to look at your responsibility, in other words they are less interested in how much money you have or owe but rather in how well you’ve managed my our own life to determine how dependable an employee you are likely to be. On a positive note you do have to give express written consent for them to view the information.

Court Officials

If it is deemed pertinent to a case the court can order to view your credit report.  It may be used to decide how much you can afford to pay in child support. There is also a possibility it could be used in a criminal or civil trial if the information is evidence. Another one of the people who can access your credit report is an expert witness in a trial who can analyze it for the court.

Telecommunications Companies

When you look for a new cell phone, internet or cable provider the odds are they will check your credit before they provide service. Again you do have to give your permission before they can look at your it. However chances are if you deny them the ability to look at your financial background they will deny you services or at the least make you go through more paperwork and possibly pay more because they are not accurately able to assess their risk.

Marketers

If a marketing company has a product or service that is relevant they are allowed to look at your credit report to decide whether or not to extend an offer to you. This is how you end up with pre-approved credit card offers. They have looked at your credit report and found something in it that has helped them decide that they want your businesses and are willing to work to get it.