Who Can Request Your Credit Report?

Your credit report contains some very sensitive data regarding your finances. It lists your loans and payment history, any financial judgments against you, any arrests you may have had, and your current address and contact information. This report can be used by companies and individuals alike to make decisions regarding your fitness for a job, a home loan, or a government benefit or position. That’s why you need to check it to make sure it’s current and complete.

Since your credit report has a list of all your payments, any company planning on lending you money will ask to see a copy. They can tell how punctual you were when making payments, if you have any loans left unpaid, or if you have a regular repayment history. The better your payment record, the lower the interest will be on any loan you receive from a company that relies on credit reports for determining the interest rate.

Another interested party who might have what is called a “permissible purpose” for seeing your credit report might be a potential landlord, who can see if you’ve ever been evicted or sued for non-payment of rent. If they find no such civil complaints or actions, they can feel confident that you’ll be a responsible tenant.

Insurance companies are interested in your driving record. Your credit report will list any arrests you have experienced while driving, such as Driving Under the Influence or Driving While Intoxicated. A record of these offenses will keep your insurance in the high-risk zone, costing you extra.

If you’re thinking about applying for a government license or benefit, it’s likely they’ll check your credit report to see if you have spent more money than you claim to earn. They can also see where you have lived and for how long. Child support agencies may examine your credit report to discover your whereabouts, in the event that you have skipped out on child support payments. Collection agencies trying to find missing debtors will also use the services of a credit reporting bureau to find their debtors. The current contact data can be the difference between collecting and not collecting on a delinquent loan.

If you fear the possibility of unauthorized use of your personal information, or outright identity theft, you may hire a company to monitor your credit history for you. They report any changes to your report, including attempts to start new accounts or take out a loan in your name.

Your current employer and any potential employers may also request your credit report with your written consent. To refuse this request would be an immediate red flag for any employer, as it would indicate that you have a poor credit history.

In addition, any others to whom you give written consent may ask for a copy of your report. Therefore, be certain that it is necessary for them to see it. Check it often yourself to be sure it’s accurate and current.