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Credit
Rating
Accessing Credit Reports
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7 of 8 Credit
Rating
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The Fair Credit Reporting Act (FCRA) outlines specifically who
can see your credit profile. Businesses must have a "legitimate
business need," and a "permissible purpose," as stated
in the federal law to obtain your credit file. Otherwise, only you,
and only those who you give written permission, can access your
credit files. Your neighbors, friends, co-workers, and even your
family members cannot have access to your credit profile unless
you authorize it. Some examples of those who can access your credit
files are:
- Credit grantors
- Collection agencies
- Insurance companies
- Employers
Any company that receives a copy of your credit profile will be listed
under the "Inquiry" section of your report.
The Fair Credit Reporting Act (FCRA) is the federal law regulating
credit reporting companies like Equifax, Experian, and Trans Union.
It has been in effect since 1971. A revised FCRA became effective
October 1, 1997. This law protects consumers' rights, such as the
right to review and contest information in their credit profiles.
It also specifically defines who can access the information in a
credit profile, and how you are notified of this activity.
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