Who Can View Your Credit Report?

As consumers, we are told time and again about the importance of protecting your privacy and your financial information. We typically go through great lengths to make sure we are covering all bases so we aren’t falling for scams that cost us money.

One of the biggies we are taught to protect is our credit reports. They contain almost all of the personal financial information we want to keep private. The reports outline not only our name, contact information, social security number and employment history, they also outline every account we have or ever opened, the associated account numbers, the list of companies from which you have applied for credit, and the financial data on every loan, credit card, or other bill you have. It is all laid out in black and white.

Who’s Invading Your Privacy?

If you think you are the only one with access to all this coveted data, you are very wrong. There are a lot of individuals that can access this information as long as they have a legitimate business reason to do so. The following is a list of those allowed to get their hands on your credit and financial information:

Companies granting credit – any company where you apply for a loan or other line of credit can access your credit to check for eligibility and to monitor your credit moving forward.

Insurance companies – too few people realize that insurance agencies look to a credit history report to determine risk. Low credit scores can mean higher premium rates.

Employers – your employer may require a credit check during employment or for potential employment. Job offers may be limited by a poor credit history if the employer gauges your ability to handle your own credit as a reflection of how you would fare out on the job.

Landlords – if you are planning to rent, a landlord can request to check your credit to determine your risk of not paying on time or defaulting on rent payments. More landlords are requesting such credit checks to weed out bad tenants.

Child support enforcement – any state or local agency can pull a credit report to see what your financial affairs look like.

Government agencies – the government has the right to pull your credit report for a variety of reasons.

With that many people holding the ability to check your credit, it is really important you also keep tabs on what your reports contain. Keep in mind that while the above-noted list of individuals authorized to look at your reports must have a valid reason, it is also legal for companies that generate lists to offer pre-approved credit and loans can also use your credit history for solicitation. The three credit reporting agencies actually sell their lists to companies to promote such offers. As a consumer, you have a right to limit who sees what. You can opt-out from the marketing lists that are sold by Experian, Equifax, and TransUnion by contacting the companies directly and requesting they opt you out of future lists.

Every little measure can help keep your credit history safe. Always take advantage of the free credit report you are allowed to receive annually and check over all of the information for accuracy and to prevent fraud.