Keeping Your Credit Report Private
Have you viewed your credit report lately? Most financial experts agree that everyone should take a look at their report at least once a year, if not more often. Your report contains almost all of the important financial information in your life, which is why very few people are allowed to see it. The Fair Credit Reporting Act limits access to your report from other parties and provides other important protections to consumers. For the most part, only those with your permission or a legitimate business need are allowed to see your credit report. Here’s a look at just who can view your credit report and the types of protections provided under the FCRA:
Who can View Your Report?
- Insurance companies after you apply for coverage
- Companies in which you apply for credit with
- Employers and potential employers, with your consent
- Landlords and potential landlords who you apply for housing with
- Any government agency
- Identity theft protection services or companies you’ve hired to monitor your credit
- Child support enforcement agencies
FCRA Protections
- If you are ever denied credit, employment, insurance, or rental housing due to information on your credit report, you may request a free copy of it within 60 days. You can also obtain a free copy of your credit report if your interest rates increase, credit limits decrease, or you suffer some other adverse action.
- When you are denied credit based on information in your credit report, the creditor is required to provide you with the name and address of the credit bureau who presented the report. With your written request, the creditor must also provide the reason for your denial of credit.
- You have the right to dispute any incorrect information on your credit report with the credit bureau reporting it. After placing your dispute, the credit bureau has 30 days to investigate the inaccurate information.
- The FCRA allows you to see who has viewed your credit report in the last year for any reason. In addition, it should reveal anyone that has received a copy of the report in the past two years for employment purposes.
- Certain pieces of private information will not appear on your credit report to most people or companies that view it unless you give your consent. Examples include your age, marital status, race, and personal medical history.
- Finally, most negative information on your credit report must be erased in seven years or less. This prevents past mistakes from forever damaging your credit and allows you the opportunity to improve it over time. One exception is bankruptcy, which can remain on your credit report for up to ten years.
|
