Who can look at my credit report?
Federal and provincial laws are very specific as to who can review your credit file and for what purpose. An individual or company may only obtain a copy of your credit file with your consent or after having told you that they will be reviewing your file. A company must have a legitimate business reason and a permissible purpose, as stated in government regulations, to obtain your credit file. A credit reporting agency may only provide a copy of your file when the request relates to the extension of credit, collection of debt, housing rental, an application for employment or for insurance purposes.
Not just used to grant credit anymore, your credit file is used more and more as a measure of your character. Yes, prospective credit grantors will still review at least one of your credit reports before granting you credit. But, it is increasingly common for insurance companies to review your credit before extending auto or health insurance. And many employers now check your credit before they consider you for a position. If you rent, you have probably already been through a credit check to determine your worthiness as a renter. Basically, anyone who can prove a valid business purpose (and has your permission) can view your credit file. The Fair Credit Reporting Act has specific details. back to top Business Credit Reports There are different types of credit reports available. They include: Consumer Credit Reports: Click here to see the kind of information contained in a typical consumer credit reort.
The Fair Credit Reporting Act stipulates that lenders to whom a consumer has applied for a loan can view credit reports — for example, credit card companies and financial institutions supplying auto loans and mortgages. But the list continues: landlords, utility companies, phone companies, hospitals, doctors, dentists, insurance companies, credit unions, finance companies, banks, retailers, department stores, credit card companies, car dealers, mortgagers, investigators, lawyers, courts — anyone with a permissible purpose as defined by the law.
The Fair Credit Reporting Act stipulates that lenders to whom a consumer has applied for a loan can view credit reports – for example, credit card companies and financial institutions supplying auto loans and mortgages. But the list continues: landlords, utility companies, phone companies, hospitals, doctors, dentists, insurance companies, credit unions, finance companies, banks, retailers, department stores, credit card companies, car dealers, mortgagers, investigators, lawyers, courts – most anyone who can give the credit bureaus just cause can view your credit report.
