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Knowing who can access your Score and Report

By Janet Lacey
Published: Monday, December 7th, 2009

Credit scores and reports are used by many types of people, corporations and even scam artists. The scores that an individual have by give interested parties a picture of the life of the score owner. A score owner who knows what type of parties may look into his or her FICO score can prepare better. There are quiet many parties that can be interested to look into an individual’s FICO score, though the reasons will greatly vary there are still some common grounds that an individual can maximize to project a better image of his or her financial stability and credit worthiness.

There are some common parties that would want to peek into an individual’s life through the FICO score and credit report if the individual. These parties would include credit card companies, insurance companies, utilities companies, prospective employer, prospective landlords, car dealerships, mortgage lenders and even furniture and department stores. The underlying logic for these parties to look at someone’s life is simple; these parties are those that take risks by investing on individuals.

Credit card companies try to picture someone’s credit worthiness because they are always on the look out for possible car holders and they are always checking if the interest rate is appropriate as compared to the risks that they are taking for crediting an individual. Insurance companies have the same reason just like the credit card companies. However, insurance companies peek through the credit score and report of an individual to see how probable that the individual will miss premium payment deadlines. Prospective employers use this evaluation tool to see the credit rating of their future employee. Utilities companies use these methods to see whether an individual is viable to be a subscriber of their service.

Prospective landlords even use these methods to see whether their future tenant is more likely to pay delinquently. Mortgage lenders just like other financing agencies use credit scores and reports to see whether an individual is fit to avail a loan from the company. Surprisingly, even department stores and furniture stores have also started using these evaluations to know who is more likely to purchase their store offers. There are multitudes of possibilities that the FICO score and report of an individual will be accessed by a party not related to him or her in any degree.

It is true that a FICO score is just a number that tries to measure not just the financial capability of an individual, but also the life of the individual as a member of society. The credit score and report of an individual can make or break his or her life because most major and key financial players are using these evaluative methods to judge individuals. There is a small room for those who would want to contest the way they are scored and reported, but still it is possible. Knowing how and where to correct any wrong accounting of credit portfolio can make any individual from a rated unworthy of credit to the status of being undoubtedly credit worthy.

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