Who Else Checks Your Credit

Category: Finance, Credit.

Getting your credit report checked is a pretty common process.

The people you are applying to borrow from check your credit to see if you are at risk of not paying them back. It happens every time you apply for a loan, a credit card, a mortgage, or any other form of credit. This is the factor on which lenders base their decision of whether or not you get the loan, or credit card, mortgage, and sometimes on which they base the interest rates by which you will be paying. Your employer, or a potential employer. Who else checks your credit? These people have access to your credit history because some of them believe that you will handle your job the way you handle your credit, and therefore base how responsible you are on that factor.

There is a variety of people who have access to your credit, and these are a couple of the obvious ones. This can determine whether or not you get an important job. But who of all these are allowed to check your credit score are allowed to check your credit without your permission, and who of them have to have your consent? There are certain companies who have the authority to check your credit report if they have a reason to, like banks who need to check and see if you will pay back the loan you applied for, or a credit card company who is looking to see if you will be able to make the monthly payments they require before they activate your credit card account. Most of them do not even have to have your authorization, but only need to have a legitimate business need. These people have the right, because you basically give them consent when you apply for that credit. Potential employers or present employers are allowed access to your credit report as well.

Your rights concerning who sees your credit history and who does not are listed under the Fair Credit Reporting Act. However, they are only allowed to access it if you give them consent. Other companies will usually ask for your consent. This permission can either be given verbally or in writing, but most employers will ask you to give it in writing so that they have proof of your consent. They do not necessarily always need it, but they will ask. There are others who can access your credit history without your consent, insurance companies, like landlords, companies with which you are applying for government benefits, and other government, child support agencies agencies. This is often done out of courtesy to the person whose credit history they are viewing.

Some of these are often limited to only certain parts of your credit history, address, like your name, former address, and past and present employers.