Credit Reporting

Who can get access to your credit report?

Lenders:

Financial institutions or credit card companies will ask your permission to check your report. This is to check your credit-worthiness. They can use the information in your report to decide:

  • whether to give you credit
  • your credit limit
  • the amount of the loan
  • the interest rate.

When you apply for a loan or credit card, the lender will likely require that you give them access to your credit report for as long as you have an account with them.

Landlords:

If you are trying to rent an apartment, some landlords may ask you to give them access to your credit report when you fill out a rental application. They use this information to see if you are likely to pay your rent.

Insurance:

Some insurance companies use credit information along with other information when deciding to give you insurance and what rate to charge you.”

Employers:

Some employers may ask to do a credit check when you apply for a new job. They may use your credit report to help them decide whether you will be a responsible employee. For example, government departments or companies that deal with credit or investments often ask for a credit check for new employees or contractors. This is part of their security screening.

November 12, 2014
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