Who Can Access Your Credit Reports?

These days where even your personal information can be accessed through various sources

, especially through the internet, you are always at risk of identity theft. Credit reports are among the information about you that can be accessed on-line. In this case, how can you be safe from identity thieves and scammers? You are protected through the Fair Credit Reporting Act (FCRA) that, under its various provisions, specifies who can have access to your credit report.

There are a number of people who can access your credit report. Among them are the people you have done business with such as creditors, landlords, credit card companies and other businesses. Usually, your credit report is viewed to check credit score and assess how creditworthy you are. Nonetheless, these people will have to provide a good and legitimate reason for viewing your credit report. Potential employer, for instance, can view your report with your written permission. The version that a lender will be given is different from the version that a potential employer, who is only interested in assessing your integrity, will receive.

Credit bureaus may also give your name and address to companies who ask for this information to offer you a pre-approved credit cards. They need such information because the offers will be through mail or telemarketing call. These companies will not receive your consumer credit report and will not even see your report. As opposed to the inquiries made by lenders, which count as hard inquiries, these kinds of inquiries will only be a soft inquiry and will not reflect in the report sent out to creditors but only in the version you get.

If you are afraid that the scheme described above by telemarketing companies can make you a victim of an identity theft, you can always "opt out." This requires that you write or call the three major credit bureaus not to give your name to telemarketing companies. If you prefer to call to "opt out," you can call 888-5-OPTOUT (888-567-8688). Your name will be removed from mailing and telemarketing lists that are given by Equifax, TransUnion, and Experian but only for two years.

Other than to check credit score, you should not allow even potential employers to check your credit report. Although there is a law that aims to protect your privacy as a consumer who is bound to the credit score bandwagon, scammers have ways of getting around it. You are also highly encouraged to monitor your credit report to be sure that you are safe from scams. If you see anything suspicious in your credit report such as a record of credit card transaction that you are 100% sure you have not made, immediately notify the credit bureau where your report came from.

by: Leo Chu

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