Who can get a copy of your credit report: Part 2

Knowing your rights can help you protect your privacy.

The Fair Credit Reporting Act (FCRA) provides specific details about who can access your credit report. The information starts on page 12 of the FCRA in section § 604.

In addition to the details about who can access your credit report shared in the first article of this series published by Michigan State University Extension, additional exceptions to who may view your credit report include:

  • If it can be certified that the report is needed for the purpose of establishing an individual’s capability to make child support payments, or
  • Determining the appropriate level of child support payments, or
  • It is being supplied to an agency that is administering the setup of an initial or modified child support award.

There are stipulations to gaining access to a credit report for child support payment purposes though. Some of these include things such as the person or agency must provide, by certified mail at least 10 days’ prior notice to the consumer that their credit report will be requested and the consumer’s credit report will be kept confidential, used solely for a purpose described above and will not be used in any other civil, administrative, or criminal proceeding.

The Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (CUNA) can request a copy of your credit report if it is part of the organization’s preparation for appointing a conservator, receiver, or liquidating agent for an insured depository institution or insured credit union. Essentially, this means that if your financial institution is in a situation to fail or is failing, the FDIC or NCUA can appoint someone to help the institution return to a sound and financially healthy condition, carry on the business of the institution, preserve and conserve the assets and property of the institution or close down the institution and pay out the insured amounts to the customers. If you have more than $250,000 on deposit in the bank, you may have more or less deposit insurance coverage than you think. Use EDIE—Online to calculate your FDIC insurance coverage.

But keep in mind that EDIE should not be used for investments, including Mutual Funds, Stocks, Bonds, Annuities or any investment that is not a deposit. These are not insured, even if the investments were purchased from an insured bank.

The NCUA reports that its National Credit Union Share Insurance Fund (NCUSIF) is the federal fund created by Congress in 1970 to insure member’s deposits in federally insured credit unions. On July 22, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law and included permanently establishing NCUA’s standard maximum share insurance amount at $250,000.

There are many reasons that your credit report may be accessed and your creditworthiness evaluated. Regularly reviewing your credit report will help you identify who is accessing your credit report, when, and for what purpose.

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