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TERMINOLOGY
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
The Fair Credit Reporting Act (FCRA) is the federal law regulating credit reporting companies like Equifax Experian and TransUnion. It has been in effect since 1971 and undergoes periodic revisions by the Federal Trade Commission. This law protects consumers and how you are notified of this activity.
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