The Fair Credit Reporting Act outlines exactly and specifically who can access your credit profile.
Businesses must have a “legitimate business need,” and a “permissible purpose,” mandated in the federal law to obtain your credit file. Otherwise, only you, and only those who you provide written permission to, can access your credit files. No one such as your family members, co-workers, employees, employers, etc., has access to your credit profile unless you authorize it in writing. I
Below are some of those who can access your credit files.
1. Credit grantors
2. Collection agencies
3. Insurance companies
Any company that receives a copy of your credit profile will be listed under the “Inquiry” section of your report. An “inquiry” is basically listing containing the name of a credit grantor or authorized user who has accessed your credit file. If you have ever received a pre-approved credit card in the mail it is because the credit grantor accessed your credit profile. Don�t worry; these inquiries do not affect your credit score as they are for �promotional� purposes only. They are promotional in nature as the credit grantor did not actually receive your credit score but rather accessed your credit profile in order to obtain your name and address. Promotional inquiries are for informational purposes only.
The Fair Credit Reporting Act,in effect since 1971, is the federal law regulating credit reporting companies like Equifax, Experian, and Trans Union. It does undergo periodic revisions by the Federal Trade Commission. This law protects your rights as a consumer. Because of this law you have the right to review and contest information in your credit profiles.