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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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A credit card company can look at your credit report when you apply for a card. 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

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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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Why Employers Check Credit Reports . Your credit report is a chronicle of your financial history, including the loan Companies that run credit checks see a limited version of your credit report . Credit reporting agencies differentiate this type of query from a hard inquiry, which occurs when you

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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Your credit report contains personal information, credit account history, credit They report the type of account ( credit card, auto loan, mortgage, etc.), the date you opened the account What to look for in credit inquiries: As with all the other credit report categories, you want to be certain that

Who compiles credit reports ? In the UK, companies called ‘ credit reference agencies’ (CRAs) compile information on how well you manage credit and How lenders use credit reports . Bear in mind that different lenders look for different things when looking at your credit report and deciding

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We looked for lenders that cater to applicants with a variety of credit scores, too, so that you can borrow from a company that fits your finances. Finally, we chose personal loan lenders that are easy to work with and that have streamlined online processes that let you estimate how much you’ll pay

Business credit reports are important parts of a business’s reputation, and the 5 C’s can help business owners understand their credit . Most lenders look first at your character and capacity because they measure your credit history and your ability to repay.

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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Credit reporting agencies, colloquially known as credit bureaus, also take this information and plug it into When you apply for a checking account, the bank might look at your credit report . Credit card debt is a type of unsecured liability that is incurred through revolving credit card loans.

How to Establish Credit When You Have No Credit History. While you may still need at least one or two accounts in your credit report , these lenders look at features of your financial profile beyond just your Advertiser Disclosure: The offers that appear on this site are from third-party companies ("our

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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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.”

Read more

Torontonians taking on debt at fastest rate in Canada.
It’s probably not a surprise that Torontonians have a lot of mortgage debt, given the price of housing in the city. But residents are also racking up nonmortgage debt — including auto loans, credit card debt and home equity lines of credit — at a rate faster than in any other Canadian city. Credit agency TransUnion said in a report Wednesday that the amount of nonmortgage debt held by Toronto consumers rose to $30,696 as of mid-year — a 5.49 per cent annual jump. Hamilton’s annual nonmortgage debt growth rate came in second among 11 leading urban centres at 4.20 per cent, rising to $27,212 in the second quarter.

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