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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Entities Who May Look at a Credit Report . Calculate Credit Card Balance - Credit Card Consolidation - Calculate credit card payment and interest with a free online tool - #creditcardcalculator #creditcardconsolidation - For those drowning in debt there is a way out!

This article throws light upon the top eight types of report . The types are : 1. Formal or Informal Reports 2 External reports , such as annual reports of companies , are prepared for distribution outside the organization. Common for reports of five or fewer pages that are directed to outsiders.

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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Types of credit accounts (mortgages, car loans, credit cards). Most creditors look at your credit report before opening a new account. But if you've frozen your credit report , creditors can't access it, and A credit reporting company generally can report most negative information for seven years.

Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies . Many factors affect your FICO Scores and the interest rates you may receive. Your lender or insurer may use a different FICOŽ Score than the versions you receive from myFICO, or another type of credit score altogether.

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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Are your credit reports ready? People with good credit should check their credit reports too. Regular checks ensure the information stays accurate. Get a free copy of your credit report every 12 months from each credit reporting company . Ensure that the information on all of your credit reports is

Improving your credit rating and correcting your credit report . Who compiles credit reports ? In the UK, companies called ‘ credit reference agencies’ How lenders use credit reports . Bear in mind that different lenders look for different things when looking at your credit report and deciding whether to

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Other types of credit cards include those from retailers, which can only be used at that specific store. Cardholders usually receive some sort of perk Lenders might also make a few other assumptions based on the types of accounts on your report . Installment loans, for example, can help your credit

Credit reports are maintained by businesses known as credit bureaus or credit reporting 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

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 can also view your free credit report snapshot on Credit .com.) Many landlords use tenant-screening services on future renters Without knowing what report they were looking at it’s really hard for me to tell. Can you go back to them and ask them what the source for that information was ?

For example, a company with whom you've applied for credit would have a valid need to look at your credit history. Your information can also be Some CRAs specialize in specific types of reporting so certain lenders or companies are more included to purchase reports from them than from the others.

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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They often use specialty consumer credit reports from companies to screen potential tenants. When you give permission for a landlord to request a copy of your credit report , you’ve initiated a credit inquiry. This type of credit inquiry, often referred to as a hard inquiry, does affect your credit

The federal Fair Credit Reporting Act (FCRA) (15 U.S.C. § 1681 and following) and state credit reporting laws restrict who can access your credit These companies can look at your report if you apply for a policy. Usually, they're not interested in your credit history but instead may ask about

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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