Your credit report contains information about your address, your bill payment history, any arrests or suits filed against you, and whether you have filed for bankruptcy. The Fair Credit Reporting Act (FCRA), which is enforced by the Federal Trade Commission (FTC), regulates who can get a copy of your credit report from the three nationwide reporting agencies - Equifax, Experian and TransUnion.

Who Can Access Your Credit Report

The FCRA specifies that individuals or businesses with a legitimate need to access your credit report can do so. This can include:

· Lenders

· Credit card companies

· Insurance companies

· Landlords

· Government licensing or benefit agencies

· State or local child support enforcement agencies

· Companies you have initiated business with

· Individuals or agencies carrying out a federal court order or subpoena

· Companies where you are employed or seeking employment, but only if you have authorized them to see your credit report

Reasons Why a Businesses Might Access Your Credit Report

Whenever you apply for credit or a loan, the credit card company or lending agency typically receives a copy of your credit report. In most cases, the credit or loan application requires your signature and includes a clause granting the company permission to access your credit history.

Government agencies might need to access your credit report to determine your eligibility for certain benefits or licenses, or to determine an appropriate child support payment.

Some employers ask for permission to access your credit to help them make decisions about hiring or promotions.

Insurance underwriters use the information in your credit report to help them assess risk when determining the cost of your policy and your eligibility for certain insurance plans.

Sometimes businesses and organizations can get your credit report even without your knowledge and consent. Businesses that you have previously had accounts with can access your credit report if they are auditing all of their current and former accounts. Businesses that "prescreen" or "pre-approve" credit can get a copy of your report in order to determine if you are eligible for any of their offers.