Our credit reports contain a lot of information on us and how we live. So who can view your credit report? What can they see when they view it? Can you tell who has checked your credit report?
We tasked our Grimsby auto loans team with finding out who can view your credit report and finding out what they can see.
Who can View your Credit Report?
The good news is that the data is kept secure and is only visible to organizations who have cause to see it.
- Banks – When opening a bank account, credit card or product that involves credit
- Mortgage providers – When applying for a mortgage
- Creditors and other lenders – When applying for lines of credit, credit cards and other financial products
- Auto loans companies – When getting preapproved or when applying for an auto loan
- Some employers – If you’re applying to work in a regulated industry like banking, law enforcement or other restricted role
- Other companies – Mobile phone companies, utility companies, lettings companies, debt collectors and other organizations with a legitimate need to check
- Insurance companies – When applying for some kinds of insurance or when you elect to pay your premium monthly instead of annually
What do they see on your credit report?
Your credit report holds all kinds of information on your including your name, address, date of birth, whether you’re registered to vote at your current address and other personal details.
Your credit report will also contain your landlord or mortgage lender and how much you owe, your credit cards and balances, any current accounts and overdrafts you may have and links with any other people like joint accounts or joint mortgages.
The credit report will also show how much you owe on credit cards, auto loans, personal loans and any other form of lending you use.
It will also show your complete payment history for the last few years. It will show all payments made on time and all you have missed.
Finally, your credit report will also show any consumer agreements, court judgements and bankruptcies you may have.
What do they not see on your credit report?
Your credit report does not mention your salary or where you work, your criminal record, any children you might have or your partner. It won’t mention medical history, student loans or your savings.
The only time it would mention partner, children or anyone else is if you are financially linked to them. That would include joint mortgage, joint loan, being a cosigner on someone else’s loan or other financial link,
Your credit report is only concerned with how you handle debt, no other part of your life. Although some would argue, that’s quite enough!
Credit reports are an essential part of life and something none of us can escape if we ever want to use credit of any kind. They aren’t evil though and actually work in our benefit.
For those of you who know that you have a challenging credit situation, please visit Dixie Auto Loans where we have a team of credit specialists ready to help you get approved for a car loan today!
For any questions or concerns, please don’t hesitate to contact us here!