Your credit report is your private financial information. This information is every bit as private as any private financial information you keep in a locked drawer in your home or office. You have an absolute right to keep it private. Your credit reports are maintained by various credit bureaus. The three largest and most famous credit bureaus are Transunion, Equifax and Experian. Unlike a locked drawer in your home or office, however, the only thing someone needs to obtain your credit report from a credit bureau is an account with that bureau. Thus, anyone with an account has access to your credit report, whether or not you have given them permission to access it.
Examples abound where businesses have accessed credit reports wrongfully, without permission and without a proper purpose. I have heard of insurance industry law firms and insurance companies pulling credit reports for personal injury plaintiffs to find out if they're financially strapped, and thus more likely to accept an insufficient settlement offer. Some unscrupulous companies pull credit reports to find out if you qualify for a loan they are offering, before they have even contacted you about the loan. Some pull it for less savory purposes yet, such as to determine where you shop and spend your money. These are all improper purposes for accessing someone's private credit report.
All of this information is private and legally is supposed to remain private unless one of two things happens:
1. You give someone permission to pull your credit report, or,
2. The person pulling your credit report has a permissible purpose for pulling it (AND IN MOST CASES THEY HAVE YOUR CONSENT).
There are very few permissible purposes. The law is really your only safeguard against unscrupulous persons pulling your credit report for improper purposes.
Examples of Giving Someone Permission to Pull Your Credit Report
Whenever you apply for a loan or a credit card, you normally sign a form which gives the prospective creditor permission to pull your credit report. This is the usual manner in which credit card companies, car dealerships and lenders access your credit report.
Beware, however, that some companies forge consumer signatures on forms to gain permission when they don't have the consumer's legitimate permission to pull your credit report. Thus, telemarketers cannot pull your credit report without your permission even if they are trying to sell you a loan. Car dealerships do not have permission to pull your credit report simply because you walk onto their lot to look at a few cars. If you pull your credit report and you find instances where companies have pulled your credit report without your permission, suspect that they may have done so by forging your signature. This happens more often than most consumers realize.
Examples of Permissible Purposes for Pulling Your Credit Report
There are very few: in response to a court order, in connection with an employment application and when a consumer actually applies for credit or insurance.
If you do not initiate the transaction, then a credit card company may only pull your credit report if they are making you a "firm offer of credit," which is definitely quite a bit more than those endless letters from credit card companies telling us that we've been "Pre-Approved", but we have to fill out an application anyway.
Persons or companies who pull your credit report must certify that they are pulling it for a permissible purpose. If a company pulls your credit report for a permissible purpose and then uses it for an impermissible purpose, then that company has violated your rights and the law. Companies may only pull and use your report for a permissible purpose. In general, you need to pull your credit report and inquire into any credit entry for a credit card company, a finance company or an insurance company you do not recognize. It may well turn out that some company has pulled your credit report without your permission and without a permissible purpose.
How Do I Find Out if Someone Has Pulled My Credit Report Without A Permissible Purpose?
Pull your credit report from the three major credit reporting bureaus. They often share information among themselves, so negative credit entries to one bureau frequently find their way onto your credit reports with the other two bureaus. If you see entries on your credit report concerning companies pulling your report without your permission, or companies you do not recognize, then you should inquire further as to whether someone has improperly accessed your credit report.
Why is Impermissible Access to One's Credit Report Harmful?
Apart from being an invasion of your privacy, credit "pulls" actually lower your credit score. Someone who pulls your credit report without permission and without a legitimate purpose directly harms you by affecting your credit score.
What are My Remedies If I Discover that Someone Has Wrongfully Pulled My Credit Report?
If you have any questions or doubts, first contact the company which pulled your credit report and ask them, in writing, why their company name appears on your credit report. Sometimes there is an innocent explanation, but don't be surprised if you get the run-around or if it turns out that this company did not have any permissible purpose when they pulled your credit report. If you do find out that there has been an impermissible pull of your report, or if you just cannot get good answers to your questions, then see a lawyer. You are entitled to a penalty per violation of your right to financial privacy, even if you do not directly suffer damage as a consequence of the improper pull. There is also the potential of punitive damages, as well as any out-of-pocket losses you have suffered. The statute also provides that the person who improperly pulled your credit report must pay for your attorney's fees, so these cases are frequently affordable even to consumers who cannot otherwise afford an attorney.
"CREDIT UPDATING YOUR CREDIT ACCOUNT WITHIN THE CREDIT BUREAUS COMPUTERS,"
Since the credit bureaus without your knowledge, authorization and consent systematically swipes, steals, conceals, share, sell and store all consumer information on a systematic level; the process is very easy to update your consumer file or create another consumer file for first time persons entering their system or for first time new created business enter their system! It has been written and studies have proved; you should apply for something (that mandates a complete credit application which requites a 9 digit number either ein, itin, tin, ssn, or any other type of cpn number) at-least 2x's.. You can apply 1 time on 1 day and do it again the next day; or 2 days later. Typically once you enter the same information atleast 2x the credit bureaus would have successfully grab this information and update your credit file, again without your knowledge, authorization, or consent. We have heard that they will for sure have grabbed your information after your 2nd submission of this information.
For the most part when you are updating your credit report as to maintain and provide new information which is relevant to your credit report such as new addresses, new employers, new income, new business name, new partnerships, change of name from marriage or what ever you should make sure you do it correctly! The credit bureaus use to be a entity which stored and provided information, now they have moved into a position or "CROSS CHECKING" information. In some situations this can be good, but if your unaware or being lazy when your completing a application your application attempt is a sure disapproval! And worse yet your setting up your credit file to read inaccurately and that will lead to more denials. In short it is your responsibility to make sure your reports reads accurately! The credit bureaus is not going to help you! PERIOD! So to promote stronger consumer scores; and to make sure you have a fighting chance to have better approvals; make sure your report reads accurately!
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