Moolr have talked at length on this site about credit reports and credit scores. Their importance and what they mean to you. But another aspect that matters to many is who is seeing their personal, financial information. It’s a valid concern, so Moolr decided to answer the question – who can look at your credit report?
This will not surprise anyone. When you apply for a loan, or any form of finance, the bank or lender is going to look at your credit report. They will assess your credit score and make a decision thereafter. This a part of the process of approving or rejecting a loan.There are a small number of loans that do not rely heavily on credit scores, such as the infamous payday loans. Or loans that require a guarantor because of a poor credit score. Additionally, those with a mixed credit history may be able to get a loan with higher interest rates.
An enquiry by a lender will count as a footprint on your credit history.
If you are pre-selected, not pre-approved, a lender may have reviewed your credit report, but only a part of it. Lenders, especially credit card companies, are known to acquire large batches of names of potential applicants from the credit bureaus. This is to proactively solicit for credit cards, loans and the like. These checks do not affect your credit score, or leave a footprint.
Eligibility checkers are similar to the pre-selected process. They do not affect your credit score, and do not leave a footprint on your credit history.
You can look at your own credit history, and you should on a regular basis. You need to know what is on there and correct anything. If your score is not as good as expected, you can take steps to improve it. And you looking at your own credit does not leave a footprint.
Many insurers review an applicant’s credit report as part of their underwriting process. Some use this to determine whether to grant a policy or a premium. The application form would have determined that you gave them permission to do so.
This is hardly a universal occurrence, but it does happen. Some employers use credit reports as a part of the hiring process. Again they must ask you for permission to do so. Thus you would know it was happening during the hiring process. The reason is that some careers may require employees with a good credit history. It may be a job involving handling money, highly sensitive documents or secure documents. Such an occurrence would not leave a footprint on your report.