Who can access your credit file?
Your credit file is a summary of your financial history
It is an extremely important document in that it can determine whether or not you are able to secure a mortgage, car loan or other credit facilities, as well as what interest rate you’re charged for those loans. But who can access my credit file?
Third-party access to your credit file
Lenders and merchants can buy memberships to credit reporting agencies so they can quickly and easily do a credit history check on potential customers. Credit bureau members have to sign a contract stating that they will only access credit files when they are authorized to do so by the applicant. This is again why your credit file is so important. You ask “who can access my credit file?” The answer: nearly everyone who can offer you credit. The types of organizations that can access credit reports and perform a credit history check are organizations with a legitimate business that need to check your credit history. These organizations include:
- Credit providers such as banks and credit unions
- Credit card companies
- Auto finance companies
- Organizations that offer credit such as Accountants and Solicitors
- Organizations considering your application for a government license or benefit (if the agency is required to consider your financial status)
- Government agencies (usually can only look at your name, address, former addresses, and current and former employers)
What happens when my credit file is viewed?
Each time a credit report is viewed by one of the above organizations, a “hard inquiry” gets recorded on your credit report. When you request to view your own credit report, it is considered a “soft inquiry.” The more number of hard credit reporting inquiries that show up on your credit report, the worse your credit score may become. So if you’re wondering “should I fix my credit file to improve my rating?”, speak to a certified specialist for comprehensive advice.
Removing negative listings from your credit file can open up a huge number of financial opportunities for you. Clean Credit specialises in helping people have negative credit items such as defaults and judgements removed from their credit files. Through our credit repair service, we can help you regain control of your financial future and have a much higher chance of securing credit.