Who Has The Right to Look at Your Credit Report?
By Danielle Buffardi



Have you ever wondered who has the right to pull your credit report? If you aren’t in the habit of checking your report on a regular basis that’s definitely something you should get into. Being aware of what’s showing up on your credit report as well as having knowledge of who has been pulling your report are all key factors that play into being and/or becoming an illuminated consumer.
 
Your credit report is your key to independent purchases - from buying a house, getting a good rate on your credit card and even renting an apartment all have their roots within your credit score and credit report.

Once you sign your name on loan applications in reference to mortgage lenders, car dealerships, or anything of the like, you’re giving that company permission to examine your prior credit history. You can bet that these kind of credit checks will be hard pulls as the lender needs to see your entire spending, borrowing, and repayment history in order to make a decision on whether or not you’re a good candidate for them to take a chance on.

Same goes for credit card companies. If you apply to them for a card them they’re going to run a hard pull on you but if you get “pre-approved” for a card then the chances that they ran a soft pull on your report is good. A soft pull can be done without your signature, and therefore without your knowledge. As we discussed in an earlier article, soft pulls don’t take away from your credit score but hard pull do.

Insurance companies can and sometimes will pull your credit report when you apply for coverage through them. A good credit history can aid you in receiving a reduced premium for all types of insurance but this is not true in all states so be sure to research your particular living arrangement to see if your state qualifies.

If you are in the process of or planning on renting an apartment, your future landlord may request to run your credit history. This will prove to him/her that you are not only capable enough to pay your rent on time but also that you’re responsible enough for them to take a chance on renting their property to you without getting it back in any kind of damaged condition..

Your credit report and credit history tells future lenders a lot about how you handle your repayment responsibilities. Be sure to check it often by getting free reports from the three major credit bureaus and if you notice any discrepancies, be sure to take the appropriate steps to start the removal process to get them off of your credit report so that your credit score can start to be on the rise. The better your credit, the more apt you are to be approved for balance transfer credit cards.
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