The Fair Credit Reporting Act (FCRA) outlines specifically who can
see your credit profile. Businesses must have a "legitimate business
need," and a "permissible purpose," as stated in the federal law to
obtain your credit file. Otherwise, only you, and only those who you
give written permission, can access your credit files. Your neighbors,
friends, co-workers, and even your family members cannot have access to
your credit profile unless you authorize it. Some examples of those who
can access your credit files are:
- Credit grantors
- Collection agencies
- Insurance companies
- Employers
Any company that receives a copy of your credit profile will be
listed under the "Inquiry" section of your report.
The Fair Credit Reporting Act (FCRA) is the federal law regulating
credit reporting companies like Equifax, Experian, and Trans Union. It
has been in effect since 1971. A revised FCRA became effective October
1, 1997. This law protects consumers' rights, such as the right to
review and contest information in their credit profiles. It also
specifically defines who can access the information in a credit profile,
and how you are notified of this activity.