Who Can Check Your Credit Report and Score

Your credit scores, as well as your credit reports, are available to a wide variety of different types of companies. As a general rule, you should operate on the assumption that a company may access your credit if it has a valid business requirement. The following is a list of some of the businesses and people that may be able to get your reports or a score for you:

Banks

Even if there isn't a credit card associated with the account you're creating, the bank may retrieve your credit report to determine your creditworthiness as part of the account opening process. This is because the less creditworthy you are, the greater the likelihood you would overdraw your accounts and then close them. Because overdraft protection is considered a line of credit, your credit report may be checked if you purchase it.

Creditors

Your current or future creditors, such as credit card issuers, auto lenders, and mortgage lenders, may also request a copy of your credit score and report to evaluate your creditworthiness. The decision to grant you a loan or credit card and the conditions under which you are granted your credit history heavily influence the loan or credit card. The higher your credit score is, the more probable you will be accepted for a loan at a more advantageous interest rate.

Student loan providers

When it comes to student loans, your credit history may be taken into consideration in certain circumstances:

• When parents apply for PLUS loans, their creditworthiness will be determined.
• If you already have a federal loan that is in default, you will be eligible for another federal loan once a payment plan has been established for the loan that is in default.
• Your credit report may be checked if you put in an application for a private loan, defined as one the federal government does not provide.

Utility companies

When you sign up for new services, such as energy or cellular service, the firm that provides such services may check your credit report. And even though many jurisdictions have rules that prevent utility providers from rejecting your service due to negative credit, you may be compelled to pay a deposit nevertheless.

Insurance companies

Because those with weak credit are statistically more prone to submit claims, your credit may be checked to calculate the premiums you will pay for insurance. The insurance provider will obtain your credit-based insurance ratings unless the use of such scores is forbidden in your jurisdiction, in which case they will not be obtained.

Landlords

It is a good idea for prospective landlords to check your credit report to discover whether you have a history of meeting your obligations on time. Many landlords operate on the assumption that tenants with higher credit scores are more reliable when it comes to paying their monthly rent on time. Even if you have credit, that could be better; there is still a chance that you will be able to rent an apartment by following one of the guidelines we have provided for tenants who do not have credit.

Employers

It is not true that your current or future employer may see your credit score; this is a common misconception. However, this ability to see your credit report, or at the very least a modified version, may be contingent on the state where you now reside. Your account numbers and date of birth may not be included in the report that your employer pulls, but the vast majority of the other information connected to your credit is fair game, provided that it does not present a security risk for you.

An employer is prohibited from accessing your credit records without obtaining your written authorization. And if you're turned down for a job because of the information in the report, you're required by law to be given a copy of the report, and something called an "adverse action notice," which explains the reasons for the rejection.

Collection agencies

Collectors may examine your credit reports in search of contact information or information on the activity on your accounts. This makes it easier for the agency to get in touch with you and determine whether or not you will be able to pay off the debt you owe.

Government agencies

A government agency can get your credit report if they have a valid purpose. When you apply for public assistance, the agency may check for your contact information, determine whether or not you have unreported income or assets, calculate the amount of child support you can pay, and do a variety of other things.