The Fair Credit Reporting Act (FCRA) outlines specifically who can see
your credit profile. Businesses must have a "legitimate business need,"
and a "permissible purpose," as stated in the federal law to obtain your
credit file. Otherwise, only you, and only those who you give written
permission, can access your credit files. Your neighbors, friends,
co-workers, and even your family members cannot have access to your credit
profile unless you authorize it.
Some
examples of those who can access your credit files are:
- Credit grantors
- Collection agencies
- Insurance companies
- Employers
Any company that receives a copy of your credit
profile will be listed under the "Inquiry" section of your report. An
"inquiry" is a listing of the name of a credit grantor or authorized user
who has accessed your credit file. Credit grantors post an inquiry before
offering you a pre-approved credit card application. These are listed as
"promotional" inquiries on your credit file because only your name and
address were accessed, not your credit history information. They are NOT
sent to credit grantors or businesses for reasons of credit reporting.
They are listed for your informational purposes only.
The Fair Credit Reporting Act (FCRA) is the federal law regulating
credit reporting companies like Equifax, Experian, and TransUnion. It has
been in effect since 1971 and undergoes periodic revisions by the Federal
Trade Commission. This law protects consumers' rights such as the right to
review and contest information in their credit profiles. It also
specifically defines who can access the information in a credit profile,
and how you are notified of this activity.