6 Places That Use Credit Reports (Besides Creditors)
Posted on 2015-11-12 08:00:07
It’s a given that creditors use credit reports and credit scores to make credit decisions. It doesn't stop with creditors. Any business with a legitimate need can access your credit report. If you check your credit report, you will know when that happens because it will be noted on your credit report as an inquiry.
So who can access your credit report? Here are 6 places that do so on a regular basis:
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Credit reports contain a wealth of information for a prospective landlord. For example, a credit report will show if someone has a history of late payments. It may show if the applicant has been arrested or convicted of a crime. Lawsuits such as a personal injury claim involving the applicant may be listed. Landlords may use this information to make rental decisions and to determine the amount of deposit they may require of a renter.
2. Utility and Cell Phone Companies.
Many utility and cell phone companies will check your credit report or credit score before extending service. Your credit score could limit the service available to you or could affect the deposit required of you. Although utility and cell phone companies do not report payment histories to the credit bureaus, they may turn a past due account over to a collection agency. The collection agency may then report the debt to the credit bureaus and it will show up on your credit report.
Have your eye on a new position? Be forewarned that the prospective employer may check your credit report. They must have your permission to do so, but it may be buried in the fine print of a job application.
4. Auto Insurance Companies.
Most auto insurance companies us a variation on the traditional credit score that is tailored to the auto industry. An auto specific credit score would put more emphasis on your past history with auto loans. Things such as a mortgage and credit card accounts would carry less weight.
5. Car Rental Companies.
Some can rental companies will not rent to someone who doesn’t have a credit card. Of those that accept a debit card, most will do a credit report check before renting a car.
6. Government Agencies.
Even government agencies may have a legitimate business need to review your credit report to evaluate your financial status for government benefits.
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