Technology: 8 types of companies that are looking at your credit report - PressFrom - Canada
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Technology8 types of companies that are looking at your credit report

16:31  25 june  2019
16:31  25 june  2019 Source:   moneytalksnews.com

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When you apply for a loan, you expect the lender to pull your credit report . You might be surprised to discover that, even if you’re not borrowing money, certain companies may be looking at your credit report . The following are several examples of the types of companies that might be checking up on.

The Fair Credit Reporting Act also allows credit reporting companies to release your credit report in association with “offering insurance coverage or Looking for new digs? Your landlord-to- be might want a peek at your credit report , says Leslie Tayne, a New York City-based lawyer specializing in

8 types of companies that are looking at your credit report© vectorfusionart / Shutterstock.com

When you apply for a loan, you expect the lender to pull your credit report. After all, you’re borrowing money. It makes sense that your lender wants to see what kind of risk you present.

But what about other types of companies?

You might be surprised to discover that, even if you’re not borrowing money, certain companies may be looking at your credit report.

The following are several examples of the types of companies that might be checking up on your credit.

1. Credit card companies

A credit card company can look at your credit report when you apply for a card. However, if you’re a customer, that company can look at your credit report anytime, according to the Consumer Financial Protection Bureau.

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The FCRA allows credit reporting companies to release a customer’s credit report in association with “offering insurance coverage or setting insurance premium charges,” says the CFBP. Federal law allows insurers to prescreen for insurance offers, but the customer can opt out of prescreening.

Insurance companies check your credit report to decide whether they should insure you and at what rate they should give you insurance. If you have negative information on your credit report , like late payments and collection accounts, you could have a higher insurance rate than consumers without

Additionally, prospective creditors can access certain information in your credit file to determine whether to make you what’s known as a “prescreened” offer for a new credit card.

Prescreening is allowed under the Fair Credit Reporting Act, a federal law, but you can opt out of prescreening. We break down the process in “How to Stop Unsolicited Credit Card Offers for Good.

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2. Insurance companies

The Fair Credit Reporting Act also allows credit reporting companies to release your credit report in association with “offering insurance coverage or setting insurance premium charges,” says the Consumer Financial Protection Bureau.

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Debt collectors check your credit report to find contact info and clues to your ability to pay, and it can affect your score. Although you can’ t stop a collector from looking at your report , you can make sure that the debt is valid. A debt collector who’s pursuing you for payments is required by law to give

A credit report contains details about financial accounts. Many businesses pull your credit report Companies that you do business with have agreed to send your debt information to credit A lender's version of your credit report only shows the inquiries that were made when you put in some type of

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And yes, some companies check credit history before hiring. Some companies do require a credit check simply to determine if you're responsible with your finances and in general. We are experiencing some problems, please try again. You can only upload files of type PNG, JPG, or JPEG.

An employment credit report includes identifying information, such as your name, address, previous names and addresses, and Social Security number. However, there is certain information that is not included in an employment credit report . For example, your date of birth is not included on the report .

Additionally, prospective insurers can access parts of your credit file to prescreen you for insurance offers. Again, federal law allows insurers to do this but also gives you the ability to opt out of prescreening.

3. Employers

As part of a background check, employers can request a copy of your credit report. The Fair Credit Reporting Act allows credit reporting companies to release your report for employment purposes.

However, the employer must get your written permission to pull your credit report beforehand. You can refuse, but that could be grounds for the employer to reject your application, according to the Federal Trade Commission.

4. Telecommunications companies

When you sign up for phone, TV or internet service, the service provider might check your credit.

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You open your credit card bill and see a bogus charge. There are multiple ways to get your credit card information and there are different types of criminals who specialize in each. The scenario plays out with someone walking into a store with an authentic- looking work order to replace the old credit

Credit unions have lower expenses, so they are able to pass on the savings to their members. For instance, many credit unions offer free checking accounts with no minimum balance constraints, but you will often have to pay a fee at 8 Types of Companies That Are Looking at Your Credit Report .

Related: How to Get Your Free Credit Report in 6 Easy Steps

It’s not exactly a loan, but some companies want to make sure you’re likely to pay your bill, says James Garvey, the CEO of credit-building site Self Lender.

“The telecom provider wants to check if the customer owes money to the provider itself or to another telecom provider,” Garvey tells Money Talks News.

5. Public utilities

Signing up for water, gas or electricity? You might need to submit to a credit check, says Logan Allec, a CPA and the founder of financial education website Money Done Right.

“Utility bills are generally paid in arrears, meaning you’re billed for usage after the fact,” Allec tells Money Talks News. “In a sense, these companies are making you a short-term loan. They let you use $50 of water last month, and you have until a certain date to pay them for it.”

6. Government agencies and courts

“You may think that the government should have no business requesting your credit,” says Allec, “but sometimes they actually have a good reason to.”

Allec points out that when you apply for government assistance, you might be subject to a credit check to see if you truly qualify.

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What is a credit report Your credit report is your financial resume There are two types of inquires, soft and hard. A soft inquiry can come from your existing creditors that are monitoring your account, companies that are looking to offer you promotional applications for credit and each time you

open end credit . credit as a loan with a certain limit on the amount of money you can borrow for a variety what should you look at to select financing. credit : -lengthen of the loan - size of monthly regulates the use of credit reports and gives you access to their files as well as the right to correct

Additionally, the Fair Credit Reporting Act permits credit reporting companies to release your credit report:

  • In response to court orders
  • In response to subpoenas
  • For certain child support awards and enforcement purposes

7. Landlords

Looking for new digs? Your landlord-to-be might want a peek at your credit report, says Leslie Tayne, a New York City-based lawyer specializing in consumer finance and debt.

She points out that renting an apartment is a long-term agreement, and many landlords want to be sure that you won’t cause trouble.

“While rent is not typically reported to the credit bureaus, your credit report can give an indication of your overall likelihood to pay bills on time and your financial responsibility,” Tayne tells Money Talks News.

In some cases, she says, if you have a poor score, you might have to provide a larger security deposit.

8. Assisted living facilities and nursing homes

Expect to be subject to a credit check when applying to live in an assisted living facility or nursing home.

“These facilities treat applications like applying for an apartment, especially since costs are typically high,” Tayne says. “Having good credit shows the facility that you’re responsible with your payments and that you’ll use whatever funds you have to pay for the stay.”

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Keeping private information private: Are credit monitoring systems worth the cost?.
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