Credit Report: Know What's in Yours
Contributed by Julia Reese
Who has access to your credit report?
Nowadays, so many people and entities want to see your credit report. And they are entitled to gain access to your credit report as long as they have a legitimate need for it. Those who are considering extending you credit, landlords, prospective employers, companies with which you have a current account, and any government agency are a few examples of interested parties.
Even entities with whom you have had no direct contact can also obtain your credit report through lists that are sold by credit bureau agencies -- these lists entail citizens who meet a certain set of criteria for pre-approved credit offers. Fortunately, there is a means to opt-out of being on one of these lists. Simply contact the credit bureaus and inform them that you do not wish to be on one of the distributed lists.
But most importantly, make sure that you monitor your credit report regularly.
Why is your Monitoring your Credit Report so Important?
Your credit report is very vital because it is a listing of personal information about you. In essence it is like your fingerprint in that no one else's is the same. Your credit report contains a wealth of very private information about you such as your social security address, current and previous mailing addresses, date of birth, telephone number, credit payment status, and also legal information such as civil judgments, tax liens, and bankruptcies.
It is a good idea to order a copy of your credit report regularly -- at least annually -- to screen it for any discrepancies as identity theft is rampid these days. Also, errors can occur. In a recent study conducted, the findings showed that over one in four of all studied credit reports contained some type of serious error.
There are certain occasions where you can obtain a free copy of your credit report such as when you have been denied credit based on factors contained within your credit report.
