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Credit Reports

Who can access my credit report?

Your credit 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 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.

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 your credit report and perform a credit history check are any organizations with a legitimate business need that want to check your credit history. These organizations include:

• Lenders
• Insurance companies
• Landlords seeking a credit check for renters
• Credit card companies
• Companies where you are seeking employment (only with your written consent)
• Organizations considering your application for a government license or benefit (if the agency is required to consider your financial status)
• State or local child support enforcement agencies
• Government agencies (usually can only look at your name, address, former addresses, and current and former employers)
• Other organizations you've initiated business with

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 report 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!

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