Your annual credit report has a lot of sensitive financial information and personal data that a few allowed people should see.
This is to avoid people using this information in committing crimes. It is so much important to know who can request your credit report.
Before discussing further on the persons who can request for your annual credit report, you should know what this report is and what its contents are. An annual credit report has a record of all
your credit history i.e. loans and your payment schedules as well any financially related judgments, arrests or bankruptcies filed.
It also has personal details that identify you. Some people and companies allowed by the law to request for this report for some acceptable reasons.
So, who are these people?
Lenders/Lending Financial Institution.
The first group of people who will ask you to get a credit report copy or request for one is the lenders.
From this report, they can determine your credit score and your payment habits as well as an unpaid loan. Once they determine your creditworthiness from the reports, they can then decide whether to offer you a loan and at what interest rates and terms or not.
People who have good credit scores get credit facilities at lower interest rates and much more favorable terms.
Your landlords can request your annual credit report.
This report is important not in determining your credit score but seeing if you have ever been evicted or sued for not paying your rent. If they happen not to find any such case, they will be more confident that you are a good tenant.
Your insurers will often ask you to get a credit report for their perusal. This is important to them since they can know if have ever been arrested while driving under intoxication. Such records are included in your credit report.
If you happen to have such arrests, you will be considered a high-risk customer. This means you will pay an extra cost.
Employers and Potential Employers
These two groups of people may request for your credit report. However, they will need a written consent from you.
If you refuse to give them your consent, they might decline to employ you or terminate your employment since you might be having a bad credit record you are hiding from them.
The Government and Other Agencies
The government might need your annual credit report while you are applying for benefits or a government license. This will help them determine if you have been spending more money than you claim to be earning.
They can also know places you have lived in. In addition, agencies that give child support often ask for the credit reports to know your financial standing.
Especially if you did not make child support payments. Finally, agencies that collect debts might also approach reporting credit bureaus to see their debtors in case some are missing.
Any other person apart from the above mentioned might be given a written consent to allow them a request for your annual credit report.