Let Your Credit Report Work for You

by Debbie Wilson
Loan Page Columnist

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Whether you're looking to get a new home loan, buy a car, or pay for college, most major purchases involve obtaining a loan. And, when you apply for a loan, lenders will want to review your credit report. Just as you might hesitate to loan money to a stranger, banks, retailers, or finance companies might deny you credit if your credit history looks bad. But who exactly is allowed to see your credit report?

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Who Is Allowed to See Your Credit Report?

It may seem that practically anyone can get access to your credit report. However, this is simply not the case. There are really only a few select agencies or individuals that should have access to your financial information. These requestors include:
  1. » Creditors who are considering granting or have granted you credit
  2. » Potential employers, including current employers who are considering you for a promotion, reassignment, or retention
  3. » Government enforcement agencies
  4. » Insurance policy issuers considering you for an insurance policy
  5. » Potential landlords
  6. » Potential investors or servicers of a new home loan, refinance, construction loan, or any other type of financing, including credit cards
  7. » Federal jury subpoenas or court orders

Credit Report Basics

The most common type of consumer reporting agency is the credit bureau. A credit bureau will collect information about your credit activities, store it in a database, and charge a fee to supply that information to requestors. Your credit report affects your ability to obtain a new home loan, credit, and many other financial opportunities. So, it's important for you to know what is in your credit report.

Since your credit report can have a great affect on your ability to obtain credit or a mortgage, it is extremely important to protect your credit rating by ensuring that you make all loan and bill payments in a timely manner. Additionally, it is important not to take on more debt than you can reasonable handle. Too many loan payments or too high of a payment might force you into loan foreclosure or to miss a payment, a critical negative mark on your credit history. Instead, let your credit report work for you and enjoy financial bliss and magnificent opportunities.

About the Author
Debbie Wilson currently operates a lakeside resort. Her previous experience includes profitability consulting for a national healthcare company. Debbie holds a B.A. in Business Management and Physical Education.

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