Who’s Looking At My Credit Report?

Apply for a credit card, car loan or mortgage and it’s no surprise to us that a decision will be made based on our credit report.  We are all aware of the importance of maintaining an acceptable credit score – it can be the difference between an enjoyable experience or a depressing occasion.  You may however, be a little shocked to find out that there are others taking peeks at your credit report and they too are making decisions about you.  We’ll discuss some of these curious spectators – some of whom are invited, others are not.  Either way, I thought you should know, that a credit score is more important than ever.  So let’s find out – who is looking at my credit report?

There are a group of onlookers that can appropriately be characterized as uninvited guests.  Far too numerous to list, they may be summed up as those who want to purchase your credit data from the credit bureaus.  The Broken Credit Blog has written a previous article titled Don’t Let The Credit Bureaus Sell Your Data, where we discussed opting-out.  Opting-out is free and takes only a minute online.  It effectively shuts the door on these unwanted guests – sayonara!

A second group of peculiar people who are strangely analyzing our payment histories may not be dismissed as easily as the first group.  Whether we like it or not, our auto and homeowners insurers may be studying our credit report before deciding how much to charge us.  According to Insurance Information Institute (iii.org), “advances in information technology have led to the development of insurance scores, which enable insurers to better assess the risk of future claims.  An insurance score is a numerical ranking based on a person’s credit history”.

A final class of peoples that could be looking at your credit score is your employer.  Be forewarned, it may take more than just doing a good job at work to get that promotion – your promotion may very well be based on the kind of job you’ve done paying your bills.  Anyone considering making an employment change should heed this advice and get a gander at your credit report before your prospective employer does.  That way, you can clear up any inaccuracies beforehand that might otherwise put a ceiling on your vertical career.

Therefore, be forewarned, maintaining a good credit score is not merely a one-on-one proposition – it is a many-on-one proposition.  Every time you use that plastic or enter your signature on any purchase contract, unknown others are looking over your shoulder waiting their turn to also assess your credit worthiness as well as your personal accountability.