While the general public can't see your credit report, some groups have legal access to that personal information. Those groups include lenders, creditors, landlords, employers, insurance companies, government agencies and utility providers.
Current or potential creditors — like credit card issuers, auto lenders and mortgage lenders — can pull your credit score and report to determine creditworthiness as well. Credit history is a major factor in determining (a) whether to give you a loan or credit card, and (b) the terms of that loan or credit card.
Your family and friends can't request access to your credit report – regardless of their relationship to you. It shouldn't be available to the general public and it won't show up as a search engine result, even if you have a unique name.
Lenders and potential lenders: The most obvious businesses would be banks, credit unions, mortgage companies, auto dealers, and credit card companies from whom you are seeking credit. Each one uses information from your credit report to determine how much credit to extend you and what interest rate to charge.
There are three main credit reporting bodies in Australia: Equifax, illion and Experian.
Creditors and lenders such as banks and credit card companies must pay to report information to any of the three major credit-reporting bureaus, which are Experian, Equifax, and TransUnion.
By law, you can get a free credit report each year from the three credit reporting agencies (CRAs). These agencies include Equifax, Experian, and TransUnion.
Banks, insurers, lenders, and utility companies may also pull a credit report if you've applied for credit or service with them. In some circumstances, government agencies may request your credit report without your permission.
Credit scores are controlled by the major credit bureaus (Experian, Equifax, and TransUnion), which compile data, and the analytics companies (FICO and VantageScore) whose algorithms are used to calculate the scores. They are regulated by the Federal Trade Commission and the Consumer Financial Protection Bureau.
Contact one of three credit reporting agencies.
Three national credit reporting agencies do credit checks on individuals. They are Equifax, Experian and TransUnion. Going through one of these agencies is the only legitimate way to obtain someone's credit report.
Accessing a credit report that is not your own could be a form of fraud or identity theft. There is no exception for spouses. That's because some people view sharing such information as an invasion of privacy even if they're married. “It's not yours to take,” McClary says.
"If the person is an adult they are responsible for requesting their own credit history and Experian cannot legally provide it to the parent unless that parent has legal authorization, such as power of attorney, to request the report on behalf of the other adult," Griffin said.
Many credit card companies rely on Equifax to check creditworthiness before approving a credit card application. Some of the major credit card companies that use Equifax include American Express, Bank of America, Capital One, Chase, Citi, Discover, and Wells Fargo.
As part of their process of determining whether to loan you money and at what rates and what terms, the lender may use the information in your Equifax credit report to help them make their decision.
To freeze your credit, you have to contact each of the three credit bureaus individually. Placing a credit freeze is free for you and your children, as is lifting it when applying for new credit. A freeze does not affect your credit score.
Pay bills on time and in full
“Making payments on time and keeping your balances low are the two most important factors when it comes to building credit,” Griffin says. In fact, payment history is the most important factor making up your credit score.
If you've ever wondered what the highest credit score that you can have is, it's 850. That's at the top end of the most common FICO® and VantageScore® credit scores. And these two companies provide some of the most popular credit-scoring models in America. But do you need a perfect credit score?
You could also check your credit score through your bank, or by going directly to one of the credit reference agencies, such as Equifax or Experian. Credit reference agencies will provide your basic credit file online for free, although some of the other services such as credit score monitoring could carry a small fee.
We collect personal data from companies that offer financial products or services to consumers, like loans, financial or investment advice, or insurance. This includes banks, mortgage lenders, loan brokers, some financial or investment advisors, insurance companies, and debt collectors.
They get their information from the credit bureaus, and there are three of them: Experian, Equifax and Transunion. These three credit bureaus are in the business of tracking and recording your behavior with credit from the time you open your very first credit account.
The Consumer Financial Protection Bureau helps consumers by providing educational materials and accepting complaints. It supervises banks, lenders, and large non-bank entities, such as credit reporting agencies and debt collection companies.
Most companies will work with more than one credit agency which is why CreditLadder recommends you report your rent payments to Experian, Equifax, TransUnion and Crediva. Companies will run a credit check to decide whether you are eligible for their product, and if appropriate, the interest rate you'll pay.
As it's the largest of the credit reporting organisations, most Australian banks use Equifax credit scores in their assessments of credit worthiness. However, they can also use information from the other credit reporting organisations, as well as their own internal risk assessment measures.
As a parent or legal guardian, you have a right to see copies of your teen's credit files. But to gain access to the report, you'll need to provide the credit reporting agencies with proof of your identity and your relationship to your student.