Who Can View Your Credit Report

The Fair Credit Reporting Act (FCRA) dictates who can obtain credit reports and under what circumstances. A consumer may request his or her own credit report at any time, but consumers are not allowed to monitor credit reports for another consumer. Access to a consumer's credit information is regulated by the FCRA, and administered by the Federal Trade Commission.

Companies may request a consumer credit report and score from a credit reporting company when they have a "permissible purpose" that qualifies under the FCRA regulations.

Examples of "permissible purposes" under the FCRA include:

·       Granting of credit

·       Collection of a debt

·       Insurance underwriting

·       Employment purposes

·       For issuing a license as required by some government agencies

·       For a legitimate business transaction between a business and a consumer that is initiated by the consumer

·       FBI investigation

Obtaining a credit report and score under false pretenses, or improper use of a credit report is a violation of federal law.

The Fair Credit Reporting Act

The Fair Credit Reporting Act (FCRA) ensures that credit reporting companies provide accurate and comprehensive information to businesses that evaluate consumers’ creditworthiness.

The FCRA states that consumers have the right to know the contents of their credit files and can challenge the accuracy of information contained therein. The statute also limits the time derogatory information can remain in a consumer’s credit report and score, and who can access a consumer's credit information.

The FCRA protects consumers by requiring credit reporting companies to follow certain procedures regarding privacy and accuracy in the dissemination of consumer credit information. Under the FCRA, consumer reporting agencies can monitor credit reports and provide the reports to businesses that have a “permissible purpose” for accessing a consumer's credit information. A "permissible purpose" means that a business must demonstrate an acceptable reason for ordering a consumer report and must use the report only for that reason. In all cases, the contents of a consumer’s report must be kept in strict confidence. Businesses with “permissible purpose” include banks, mortgage and consumer finance companies; insurance companies; automotive, boat and RV dealers; and equipment leasing companies. Landlords and employers. who are screening potential renters or job candidates, may also obtain consumer reports.

Consumers also have certain rights to access information about their consumer reports under the FCRA. They have the right to know who has requested their report, and they have the right to review their report if they have been denied credit. Consumers can also dispute information in their consumer report and, if the information is found to be incorrect, it must be removed by the credit reporting company. The FCRA also states that derogatory information on a credit report and score can only be reported for a limited time. In most cases, derogatory information must be removed from a consumer’s credit report after seven years (10 years in the case of most bankruptcies).

According to section 619 of the FCRA, any person who knowingly and willfully obtains credit report information on a consumer from a credit reporting company under false pretenses can be fined and/or imprisoned.

View a summary of your rights under the Fair Credit Reporting Act

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