Page 12 - Book7E

4
Reading Your Credit Report
Who Uses Your Credit Report?
Any organization considering lending you money or extending credit to you will usually check your credit report once you submit an appli- cation. The decision to grant you the loan or credit will often depend greatly on your credit history. It is the lender, however, not the credit- reporting bureau, that makes the decision about whether to offer you the loan or credit.
Potential employers may also want to see your credit report, but they must have your permission to do so. This is often requested on the employment application you fill out so be sure you read everything before signing the form.
Your report cannot be accessed by just anyone who wants to find about your financial situation (such as friends or family). People or organi- zations who request a copy of your report must be able to prove that they are a legitimate company with the legal right to view your report.
Organizations that qualify as having a "legitimate business need" to access your credit history, include the following:
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Those to whom you have applied for credit
Potential landlords
Insurance companies
Employers and potential employers (but only with your consent) Companies with which you already have a credit account
(for account monitoring purposes)
Those to whom you have applied for a government license or benefit if your financial status is part of the qualifying process
A state or local child-support enforcement agency
Any government agency (information they are allowed to access is usually limited to your name, address, former addresses, current and former employers)