September 20, 2006

Credit reporting quiz: True or False?

In order for my credit report to be used or seen, I must give my permission to the company that is inquiring.

The answer is false.

One of the practices I take with all my clients is to go over their credit report and look for inaccuracies, errors, omissions, etc. I also give tips on ways to improve their scores. And many times, my clients are amazed at the number of inquires that appear on their credit report. Most of them, of course, were done without their permission. But the fact of the matter is that any company that has a legitimate reason to use your credit information can access it. Only your employer, or potential employer, must have your permission.