Knowing the answer to this question is very important for anybody who needs to borrow. In the past, the answer was that anybody could view a credit report almost any time they wanted to, but since the Fair Credit Reporting Act (hereafter FCRA) of 1970 was passed, and since the subsequent modifications in 2003, the rights of the consumer have been much improved, allowing for very specific conditions on which somebody can view a person’s credit.

The language in the FCRA says that only people with a “permissible reason” may view a person’s credit. Obviously this is rather vague, but some permissible reasons are listed in the act. Specifically, anybody with whom a person does business that requires a credit check may view the report. This includes most lenders, landlords, and credit card companies.

However, they may only view this report if you give them reason, meaning that many preapproved credit offers are fake. This condition was added because every request to see your credit reduces your credit score by a small amount. The only exception to this are so-called “soft requests” when you view your own report, which is not recorded. (Views by lenders, etc. are called “hard requests.”)

The only time that anybody else can view your credit report is an employer. Potential employers may view your report if they get your permission. However, even with your permission they can only see a small amount of the report. They do not see the details, or the companies with which you conduct business. They only see enough information to see if you are financially responsible. Therefore, because of the FCRA, your report really is very secure.

By: Hector Milla