Information found on your credit report influences your credit options, insurance rates and even employment. Under the Fair Credit Reporting Act (FCRA), your credit report may be pulled only for permissible purposes and you have the right to dispute inaccurate information.
Permissible Use
According to the FCRA, a credit-reporting agency may release your credit report to creditors, employers, insurance companies, government licensing agencies, investors and the courts. Businesses may also access your credit information if you initiate the transaction.
Considerations
Employers must have your written permission before pulling your credit report. Authorization is usually received during the hiring process. Additionally, you have the right to know the name and contact information of any entity accessing your credit report.
Warning
Credit application inquiries do affect your credit report. Multiple inquiries over a short period may lower your credit score.
Disputes
If you feel that your credit was pulled in error, contact the credit-reporting agency to dispute the information. You may also file a complaint with the Federal Trade Commission.
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