A
ccess to private financial information in consumer credit reports is increasing.
Your private information is being bundled and sold to almost any entity who claims to have a legitimate purpose.
Such access to your credit report is determined by the Fair Credit Reporting Act (FCRA) which states a company must have a legitimate purpose to view your credit files.
Credit history has taken a forefront in the lives of consumers. There is literally no getting around your credit history today. Banks, lenders and credit card companies are not the only ones pulling credit reports.
You may be surprised at how many companies and organizations use your credit history to make decisions. It is important to know that any company, organization, business or individual who obtains your credit report under false pretenses can be fined or even jailed under the law.
Who has access to your credit history?
Anyone with a legitimate business purpose such as:
- Landlords
- Employers and potential employers
- Auto, Home & Life Insurance Companies
- Cable & Satellite Companies
- Utility Companies (Telephone, Electric & Gas)
- Cell Phone Providers
- Companies that you have a credit account with can regularly monitor your credit
- Government agencies considering you for licensing
- State and Local Child Support Enforcement Agencies
- Any Government Agency
With so many entities potentially looking at your credit you must know what they are viewing. It has become imperative that you rid your credit files of any errors, inaccurate and out-dated information that is viewed as negative. Learn how to effectively dispute inaccurate information in your credit reports. Unfortunately, in today’s society, there is no getting around credit.
The FACT Act
In accordance with the federal FACT Act, consumers are now able to get a free copy of their credit report every 12 months from each of the three major credit bureaus, Experian, Equifax and TransUnion.
The toll free number is (877) 322-8228. You can also go online at annualcreditreport.com You do not have to order all three credit reports at one time. You can choose to stagger your free reports over the course of a year.
The FACT Act is not the only way to get a free credit report. You are entitled to a free credit report if you have experienced one of the following:
- Denied credit in the last 60 days
- Unemployed and intend to apply for employment in the next 60 days
- You are on public welfare assistance
- If you believe your file contains inaccurate information due to fraud or identity theft
- Denied employment based upon information contained in your credit report
- If your report has been updated or revised based upon an investigation you requested
Freeze your credit reports
Some states offer consumers the option to “freeze” their credit report so it can only be accessed in very limited situations. Victims of identity theft can request this option for free if a police report is provided to the credit reporting agencies. For other consumers who are not victims of identity theft, you can request a “freeze” for a fee.
Marketing and pre-approved offers
The credit bureaus engage in the practice of selling lists for use in “pre-approved” credit and insurance offers. Consumers who receive pre-approved credit offers are often on these marketing lists.
However, pre-approved does not necessarily mean a credit report will not be pulled. If you respond, the creditor may access your credit report before you are actually granted credit. Your application can also be denied at this time.
You have a choice to remove you name from any marketing list compiled by a credit reporting agency. To remove your name from all three credit reporting agencies’ marketing lists you can “opt-out”. Call (888) 5-OPTOUT or (888) 567-8688 to opt out or go online to optoutprescreen.
With the recent “credit crunch” it is imperative that you know who is making decisions about your life based upon your credit history. As you can see your credit history can determine whether or not you get a mortgage, car loan, personal loans, credit cards in addition to determining what interest rate you will be charged for those loans.
The information contained in your credit report can also determine if you can rent an apartment, get a job, or even get a government contract for your business. Know where you stand and see what others are viewing in your credit report and score. The TrueCredit 3-in-1 Credit Report & Credit Score gives you access to your Transunion credit report and credit score used by lenders and Equifax ScoreWatch™ allows you to monitor your Equifax credit score.
