Many people may be surprised when they learn just who can view your credit report, and how often it can happen. I only realised when i joined a credit bureau and they sent regular messages telling me. So with that in mind, we thought it might be a good idea to take a deep dive on just who can view what. The results may surprise you.
Who Can View Your Credit Report? Lenders
This will not come as a surprise to anyone. When you apply for a loan or any other type of credit, the bank or lender will check your credit record. They’ll look at your credit score and make a choice based on it. This is a step in the loan approval or rejection procedure. A tiny percentage of loans, such as the infamous payday loans, do not rely largely on credit scores. Loans that require a guarantor due to a bad credit score, for example. Those with a shaky credit history may also be able to obtain a loan at a higher interest rate.
An inquiry from a lender will leave a mark on your credit report.
Additional Info
A lender may have evaluated your credit record, but only a portion of it, if you were pre-selected rather than pre-approved. Lenders, particularly credit card businesses, are known to purchase big batches of potential applicants’ names from credit agencies. This is to deliberately seek out credit cards, loans, and other financial products. These checks have no impact on your credit score and leave no trace.
Eligibility checkers work in a similar way to pre-selected candidates. They have no impact on your credit score and leave no trace on your credit history.
Who Can View Your Credit Report? Yourself
You may and should review your credit history on a regular basis. You must be aware of what is present and make any necessary corrections. If your score isn’t as good as you’d like, there are things you may take to enhance it. And checking your own credit report does not leave a trace.
Who Can View Your Credit Report? Insurance Companies
As part of the underwriting process, many insurers look at an applicant’s credit report. Some insurers use this to assess whether or not to issue a policy or charge a premium. You would have indicated on the application form that you gave them permission to do so.
Employers
This isn’t a common event, but it does occur. Credit reports are used by some employers as part of the recruiting process. They’ll have to get your consent once again. As a result, you’d be aware of it during the employment process. The reason for this is that some jobs may require applicants to have a strong credit history. It could be a position that requires you to handle money, extremely confidential documents, or secure documents. A situation like this would leave no trace on your report.
Banks
For example, if you open for a new bank account, the bank will verify your identification using information from your credit report. They might also want to look at your financial history to see if you’re a risky consumer.
Utility & Service Companies
Companies that offer utilities and services, such as gas, water, and electricity, typically bill in arrears. In other words, you’ll be billed for something they’ve already done for you, not something they’ll do in the future. That means you’re working with them on a credit basis. As a result, when you apply for a new utility or service, these companies will look up your credit history to check how you handled past credit. They may instead put you on a prepaid account, similar to a key metre, if you have a history of late payments.
Who Can View Your Credit Report? Debt Collection Agencies
If you’ve ever taken out credit, such as a credit card or a loan, you’ve agreed to let the lender review your credit report for information.
If your loan is turned over to a debt collector, your assent is attached to the debt. This allows debt collectors the authority to check your credit report in order to analyse your overall financial condition and make informed decisions about how to collect the outstanding sum.
