Who is authorized to check my credit report?
December 18, 2006 | Credit | 
4 comments
It is a well known fact that too many inquiries on your credit report will cause the score to deteriorate. This is because lenders view each inquiry as potential new credit established. As a result, debt - income ratios become an unknown until the inquiries result in a new account.
There are 2 types of inquiries that will show on your credit report.
When you apply for a mortgage, auto loan or other credit, you authorize the lender to request a copy of your credit report. These types of inquiries, prompted by your own actions, appear on your credit report and are included in your?credit score. Any of these sources requires your authorization in writing to be allowed to run your credit.
Your own credit report requests, credit inquiries by businesses to offer you goods or services, or inquiries made by businesses with whom you already have a credit account do not count toward your?credit score. Credit checks by prospective employers also do not count. These types of inquiries may appear on your credit report, but they are not included in your?credit score. Authorization is not required for these creditors to access your credit profile. The credit bureaus sell credit information to any bidder. Many companies base their marketing on demographics such as area code, zip code etc.
The Fair Credit Reporting Act entitles you to request the bureaus to stop sending you credit solicitations. The number to call is 1-888-567-8688 (24 hrs). You will need your address for the last 2 years, and your social security number. This 1 source will handle all 3 bureaus.
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It doesn’t always happen that, while surfing the net, you come upon useful, practical advice. But, in this case, it did happen! Thanks so much for this discussion on the different variables that can adversely affect my credit score; it will really come in handy in the next few weeks when I go shopping for a new car.
It’s obvious, you can never learn too much about protecting your credit rating.