(MoneyHippo.com) – You probably realize how important it is to keep your credit score on an upward trend, but do you know who can see it and how? The truth is, many people can see your credit score along with your credit report, but only those with a genuine need can access the underlying information. Here are some legitimate organizations and people who might need your credit history.
- Creditors: If you want to borrow money from a bank for a house or a car, the institution will need to know whether or not you are likely to pay back the borrowed money. Your credit score and report will help them determine the rate of interest at which you can borrow and whether they want to give out the loan.
- Insurance: Many states allow insurance companies to check your credit report to determine how likely you are to file a claim. Based on that information, they will determine your monthly rate. However, some states don’t allow the practice.
- Rentals: Landlords want to know if they can trust renters to pay their rent on time every time, so they can pull your credit and use that data to decide whether they will rent their property to you.
- Uncle Sam: The government can pull your credit report if you are applying for government assistance or to determine child support amounts, among other reasons. Additionally, anyone with a court order can pull the report as well.
Keep in mind that only hard credit inquiries will affect your credit score as opposed to soft credit inquiries. Be sure to ask anyone inquiring about which kind they’re pulling to know how it might affect your score.
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