As a consumer, it’s important to understand the laws in place to shield you. Generally, you’ll find that the Fair Credit Reporting Act (FCRA) is one of the most important regulatory measures in place to protect the rights of consumers in the United States. One such regulation regards who can request your credit report. The following blog explores what you must know about these matters and why it is in your best interest to discuss these circumstances with a California consumer lawyer who can help with any issues you may face regarding these matters.
What Entities Can Request My Credit Report?
Generally, the only people or companies that can request to view a copy of your credit report are those that have a legitimate business interest in your credit history.
Because your credit report contains a plethora of personal and financial information, they aren’t available for the general public to view. As such, only certain groups have legal access to request and view the data contained in these reports. These groups include, but are not limited to,
- Banks
- Lenders
- Utility companies
- Insurance agencies
- Employers
- Landlords or property management companies
It’s also important to understand that these companies and individuals cannot perform a hard inquiry into your credit history without your permission, such as submitting an application. They may be able to perform what’s known as a soft inquiry, as this can help determine whether or not you are preapproved for certain loans, for example. A soft inquiry will not affect your credit score.
What Happens if I Find Inquiries That Shouldn’t Be Listed?
If you find a hard inquiry on your credit report for something you never authorized, it’s important to understand what this means. In some instances, this is a sign that someone checked your credit score without your consent or you are the victim of identity theft.
A hard inquiry on your credit report, such as when you apply for a new credit card, will remain on your credit score for two years and impact your credit score. As such, it’s important to limit how many hard inquiries are performed. However, if you find one that is not supposed to be there because you did not authorize it, it’s imperative to take the necessary steps to remedy the situation.
What Can I Do if There Are Inquiries I Didn’t Request?
If you find an inquiry on your credit report that you did not authorize, it’s imperative to take the necessary steps to protect yourself during this process. Generally, the first thing you’ll want to do is place either a credit freeze on your account, which prevents anyone from accessing your information, or a fraud alert, which requires potential lenders to verify your identity before proceeding with the loan application in your name.
Next, you can connect with the credit reporting agency to dispute the inclusion of this information in your credit report. Though the impact inquiries can have on your score is limited, it can still hurt your score. As such, you may want to fight to have this information removed.
If you’ve been impacted by this and would like to explore your legal options, connecting with an attorney from Los Angeles Legal Solutions is critical. Not only can they help you fight to have your credit report remedied, but they may be able to help you fight for damages under the FCRA if a company has violated the act. Connect with us today to learn how we may be able to assist you with these matters.
