Are you wondering, “who can access my credit report?” If you don’t know the answer to that question, then you should read on. Your credit monitoring report is a summary of your financial history. It is an extremely important document in that it can determine whether or not you get a mortgage, car loan, or other loan, as well as what interest rate you're charged for those loans. Your credit report can even determine whether or not you can rent an apartment or whether you get hired for a job. So if you're still wondering, "should I check my credit report?" the answer is definitely yes. A credit check online will give you the financial peace of mind you've been seeking.
The Fair Credit Reporting Act (FCRA) specifies who can access your credit report and why. The FCRA states that a company must have a legitimate reason to view your credit report. Any organization or individual who obtains a copy of your credit report under false pretenses can be fined and jailed for up to a year. On CreditReport.com, you can also find information about the Fair and Accurate Credit Transactions Act (FACT). The importance of this act is covered in one of the many articles on CreditReport.com, and the information includes facts about your right to review a monitoring report every year. Other articles on CreditReport.com provide helpful tips that can protect you against fraud and identity theft.
Lenders and merchants can buy memberships to credit bureaus so they can quickly and easily do a credit history check on potential customers. Credit bureau members have to sign a contract stating that they will only access credit files when considering persons for extensions of credit, employment, or other legitimate business purposes.
The types of organizations that can access credit reports and perform a credit history check are any organizations with a legitimate business need that want to check your credit history. These organizations include:
Keep in mind that any time your credit report is viewed by one of the above organizations, a "hard inquiry" gets recorded on your credit report. (When you request your own credit report, it is considered a "soft inquiry.") The more hard credit reporting inquiries that show up on your credit report, the worse your credit score.
Also keep in mind that potential employers see a different version of your credit report than lenders do when they do a credit history check. Potential employers conducting a credit check for employment are only concerned with how you manage and repay debt; in other words, your level of financial responsibility. Therefore they don't need to see as many details on your credit report.
For more information on how to check your credit report, or how to instantly get your 3 in 1 credit report, FREE credit score, and identity theft insurance, go to www.CreditReport.com now!