Your Credit Report - Who May See Your Credit Report?

Whether you get that credit card, or not, may depend on a network of credit reporting agencies that either share information with, or are owned by, three major credit bureaus. This report is often a critical factor in credit scoring systems that lenders use to issue credit cards as well as mortgages or other loans.

Every time someone requests a copy of your credit report (beside yourself), it is recorded on your report as inquiry. You are entitled to know who has requested your credit file within the past six months. If a prospective or current employer has checked your credit report, this information should be accessible to your for two years. According to the FCRA (Fair Credit Reporting Act), only the following groups of people may access your credit information: creditors to whom you have submitted an application, insurers, potential employers, and those who have legitimate business purpose related to a business transaction involving you. Government agencies can also obtain your name, current and former addresses, and current and former places of employment from the reporting agencies.

So, if you're considering making a major financial move it's a good idea to check your credit report to know where you stand. That way you can be aware of, and if necessary take care of, problems before they jump up and derail your plans.

If you find problems, or if potential creditors discover them, take steps to rebuild damaged credit and clean up that record.

If you've made mistakes in paying previous loans, bounced checks, made late payments or had other problems, you may still be able to reduce the amount of damage they will do to your credit with explanations or some basic repair.

It’s important to make sure your credit report is correctly showing your actual credit status, especially if you have a good credit rating, you don’t want any mistake or anybody jeopardize your good credit score. Hence, frequently get the latest update of your credit report helps you to ensure the information in your credit file is correct. If you find any mistakes in your credit report, you might have to contact the credit bureau several times to ask the bureau to correct the mistakes.

Three ways to receive your free credit report:

1. If you applied for a loan and were turned down, you can request a copy by writing the correct credit bureau within 30 days of the rejection. With your request, you should include a copy of the declined loan application.
   
   
2. You can also get a free report if you are unemployed, planning to apply for jobs in the next 60 days, receiving public welfare assistance or believe the credit file contains mistakes resulting from fraud.
   
   
3. Some states already offer a free annual credit report from each of the three agencies. Residents of Colorado, Maine, Massachusetts, Maryland, New Jersey and Vermont are entitled to one free series annually. Georgia residents are entitled to two free annual credit reports from each credit reporting agency.
   
   

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