Think No One Can See Your Credit Report? Think Again.

2006-10-15

Your credit report says a lot about you. It does only reveal your credit history but very sensitive information such as your social security number, date of birth, current and previous addresses, telephone numbers (including your unlisted numbers), and employment history. Your credit report is a gold mine of information because it includes specific details like lists of companies that have granted you credits or loans such as credit cards, automobile, housing, etc.; your payment history on all your loans, utilities, hospitals, landlords; even your child support payments; and matters of public record such as civil judgments, tax liens and bankruptcies.

These are all very sensitive and private information but if you think that you have the sole right to your credit report, then you are definitely wrong. Anyone with a "legitimate business need" can get a copy of your credit reports. Take note that the following companies and entities can have legal access to your credit report:

1. Credit companies you applied for credit or consider granting you credit and those you already have current credit account for account monitoring reasons

2. Landlords

3. Insurance companies

4. Employers and potential employers (with your written consent)

5. A state or local child support enforcement agency

6. Any government agency

Isn’t that so scary to have so many eyes peeping over your credit report? Well, here is another qualified information to make you tremble. The three credit bureaus: Equifax, Experian and TransUnion which provide your credit reports, have this practice of generating and selling lists for use in "pre-approved" credit and insurance offers which is actually allowed by law. TransUnion, Experian and Equifax all engage in selling their lists of consumers who meet certain criteria in order to receive a "firm" offer of credit or insurance. This is the source of the many pre-approved credit offers most consumers receive in the mail.

However, the law does not allow credit bureaus to compile and sell information from credit reports for the purpose of direct marketing.

So to safeguard your privacy, be sure to “opt-out” or remove your name from any marketing lists compiled by the credit bureaus whether the list is for pre-approved credit offers or direct marketing.

Continue to Part 2 of Think No One Can See Your Credit Report? Think Again.

Related Articles:
» Personal Finance Basics
» Steps To Living Debt Free
» Debt Management: Guide to managing your debt

Copyright 2006 Finance News Today. Articles can not be copied, reproduced or redistributed without written permission from Finance News Today. To request reprint permission please email us at info@financenewstoday.com