Who all have access to your credit report?

When you apply for a new credit – whether for a credit card, an auto loan, or a home mortgage – lenders want to know the likelihood of you paying back to them. To help them in assessing your credit worthiness, credit scores are used. Apart from your lenders, there are plenty of others who view your credit files and scores to get an idea about how you manage your finances.

1. Insurers - The majority of auto insurance companies use your credit score to decide whether to issue you a new policy or not. They also look at your score to decide whether to renew your existing policy or not. Your credit score also helps them in fixing the price that they will charge you for your insurance.


2. Landlords - Landlords view your credit report to give a check to your payment history, and if it comes out that you have been delinquent or have been late in paying your bills then in all possibilities your rental application will be turned out. In case a landlord accepts your application for rent, you may have to find a friend or a relative to co-sign your lease or you might have to pay a higher rent or a lump sum amount as security deposit.


3. Employers - Employers can pull your credit report to evaluate your eligibility for "employment, promotion, reassignment or retention." Employers view bad credit as a signal of financial irresponsibility, some might even think that you'll spend more time in bothering about your financial worries rather than concentrating on the job.


4. Cell phone service providers and utility providers - Utility providers (like gas and electricity services) may pull your report to check whether you pay your bills on time or not. If you have a good score then you might even qualify for favorable rates. Even cell phone service providers use your report prior to signing you up for a plan.