Who Can Access My Credit Report?

The Federal Trade Commission (FTC) passed a law called the Fair Credit Reporting Act (FCRA) in 1970. This law specifies who can access your credit report and for what purpose.

Essentially, the following applies:

* You must be notified if information in your credit report was used against you – e.g., to deny you credit, employment or insurance.
* You have every right to access information in your credit report.
* You are entitled to a free credit report under certain conditions – e.g., identity theft, denied credit.
* You have the right to request your credit score; however, you will have to pay for it.
* Credit reporting agencies are required to correct or delete incomplete, inaccurate or unverifiable information.
* You have the right to dispute information you believe to be inaccurate or incomplete.
* It is illegal for credit reporting agencies to report outdated information that is negative.
* Only people who can show a valid need may access your credit report. The FCRA specifies who may have a valid need.
* Your credit report cannot be provided to employers without your written consent. The only exception is the trucking industry.
* Companies who prescreen you for insurance or credit must provide a toll-free phone number for you to call in case you want to be removed from their consideration. You can opt out of these offers with the major credit bureaus by calling 1-888-5-OPTOUT (1-888-567-8688).
* If anyone violates your rights under the FCRA, you may be able to sue for damages.
* If you are a victim of identity theft or an active member of the armed services, you are provided additional rights.

You’re In Charge!

That’s right. You’re in charge of who does or doesn’t access your credit report. There are ways for you to guard against unauthorized access to your credit report. You need to be proactive in protecting your credit information. In order for you to monitor what is in your credit report and who obtains access to it, you’ll need to do the following:

* Obtain a free credit report annually from each of the major credit reporting agencies as provided to you by law. You might want to get into the habit of ordering one from a different credit reporting agency every four months – e.g., Experian in January, TransUnion in May, Equifax in September, Experian again in January, and so on.
* Check your credit report for inaccuracies and inquiries. If you find inaccuracies, submit them to the respective agency for correction. Are there inquiries that you did not authorize? Notify the credit reporting agency immediately.
* Always keep track of credit you’ve applied for. Note the company and date.
* If denied credit, always request a free copy of your credit report from the credit agency that provided the credit information to the creditor. Companies are required to notify you as to the reason for the denial, along with which credit reporting agency supplied the information they used to deny you the credit.

Who Can Access My Credit Report?

Essentially, the following applies:

You’re In Charge!

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