A credit report definitely tells a lot about you. It contains your date of birth, current and previous addresses, telephone numbers, social security number, information about your credit cards, payment history, current and previous employers. The Fair Credit Reporting Act (FCRA) and state laws regulate the collection, dissemination, and use of consumer personal and credit information. By this legislation, the credit report can be disclosed without your permission to a limited circle of companies. So who has the right to review the information in your credit report?

A credit report is actually a record of your credit history. Your credit card issuers regularly provide information about your borrowing-paying status to three major credit bureaus: TransUnion, Equifax and Experian. If you max out your credit limit or do not make a payment on time, it will be shown on your credit report.

The FCRA includes the list of those who can get access to your credit history. Only people or companies with "legitimate business need" can see the information in your credit report. They are:

- Credit card companies that are considering your application for a credit card

- Current credit companies

- Landlords

- Employers (need a written permission)

- Insurance companies

- Organizations that are considering your application for a government license

- A state or local child support enforcement agency

- Any government agency (they usually get limited information: your name, current and former addresses, current and former employers).

If you want other people or organizations to see your credit report, you need to give them a written permission. Your spouse, children, other relatives, friends, neighbors and colleagues cannot get access to your credit profile without your consent.

You have the right to know the names of individuals or organizations who have requested the copies of your credit report over a year. Look at the special "Inquiry" section of your credit report to see the list of the companies who have received your credit profile. Lenders offering a preapproved credit card deals are listed in "promotional" inquiries section because they have got a restricted access.

If you are afraid that numerous inquiries from credit card companies will impact on your ability to obtain credit, there is no need to worry. This information is not available to other credit card issuers. However, it is included in the credit reports that you order for yourself.

The FCRA requires Equifax, Experian, and TransUnion to provide you with a free copy of your credit report, at your request, once every 12 months. It is recommended to review your credit report on a regular basis to check whether it contains inaccuracies or any signs of a fraudulent use of your account.

If you have become a victim of an identity theft, you have the right to lock the access to your credit report. If you ask for a security freeze, an identity thief cannot open a new account because the potential lender will not be able to check the information in your credit report.

A credit card report can be an excellent proof of your creditworthiness and reliability. On the other hand, it can be used as a source of the personal and credit information for committing a fraud. Knowing your credit reporting rights and checking your credit report regularly are the most important measures you can take to safeguard your privacy.

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Comments

Vicki Martin, 12:25 AM, May 05, 2008
That's good that our relatives don't have access to our reports!

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