What is my credit report used for?
•Credit reports are used to allow or prevent access to: –Credit –Employment –Rent Housing –Insurance –Professional Licensing –Open a Bank Account –Utilities (Electric, Phone, Gas, Water) –Colleges – Student Assistance Programs Use of Credit Reports The FCRA limits the use to the following: •Applications for Credit, insurance or rentals •Employment (hiring, promotion, reassignment or retention) with consent •Court orders (subpoenas) •”Legitimate” business needs in transactions initiated by consumers •Account Review – For lenders to determine if they want to retain an individual as a client. •Child Support Payment determinations •Law Enforcement Agencies – Agencies have secret access to credit files to investigate terrorism and counterintelligence.
