Your Annual Credit Report – Who Can View It
Your annual credit report is used to consolidate your payment and debt information. It is a great tool for you to use for improving your credit, setting budgets, and ensuring that your credit information is accurate.
Your report is also a great tool for other people to use for gaging your credit worthiness and predicting your future behavior regarding finances. Below are some of the situations that may cause others to view your annual credit report.
Owing Back Taxes
The IRS may view your credit report if you owe them money and are not paying. They can use the report to see what assets you have that can be used to pay your back taxes.
Submitting a Rental Application
If you are looking at renting an apartment, the property manager will often view your credit report to determine if you will take care of the apartment and pay your rent on time. The rental application will usually state that it gives the manager the right to view your report.
Requesting a Loan
Whether buying a home, starting a business, or purchasing a car, asking for a loan almost always initiates a credit report request from the lender. Just like the rental application, the loan papers often state that the lender has the right to pull your credit report.
Seeking Employment
This is an area that is really showing growth pertaining to people pulling your credit report. More and more potential employers are pulling prospects' credit reports to get a feel for their behavior, responsibility, and financial tendencies.
Having Your Account Go To Collections
If you have a past due account and it is sent to a collection agency, they will pull your report. They use the report to determine who you owe money to and get a feel for what their chances are of collecting the money you owe them.
Applying for Insurance
Many insurance companies believe there is a correlation between insurance claims and credit history. Many believe that as an individual's credit rating falls, their chance of filing an insurance claim rises. Just like the seeking-employment situation, this scenario is becoming more and more popular.
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