How Your Credit Report Is Used? - CREDIT REPORT

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TODAY'S SAVING TIP Absolutely. Your right of access is mandated by federal and state laws. You may obtain a copy of your report by writing or calling the three CRAs. In addition, Experian and Equifax now offer online access to credit information. Ordinarily, there is ... Read more

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CREDIT REPORT: How Your Credit Report Is Used?

Credit reports contain very personal information. For this reason, access to them is limited. Your report may be released for a legitimate business need, such as an application for credit, employment, a government license, or life insurance; in response to a court order; or to a third party you designate in writing, such as a potential landlord.

When you apply for a car loan, mortgage, or credit card, your report is reviewed by the lender to evaluate your creditworthiness. They are also used by potential employers and life insurance companies to round out their impression with details of how you incur and manage financial responsibilities.

Since your credit report influences whether you are able to buy a home and get a job, it is extremely important to protect your credit rating by making loan and bill payments on time and by not taking on more debt than you can handle. After paying your basic expenses (rent, food, utilities, tuition, medical), you should have enough left to make your monthly credit payment. Ideally, even after paying all of your bills, you should have funds left for saving and investment.

It is also worthwhile to review your report periodically by ordering a copy from one (or more) of the major credit bureaus that compile credit reports; a listing appears at the end of this brochure. By doing so, you can be certain that the information on the report is current and correct. (There is no charge for obtaining your report if you have been denied credit. Otherwise, there may or may not be a charge, depending upon the state in which you live.)