Privacy Of Your Instant Credit Report Breached: Your Rights Under The Law |
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Your instant credit report is a snapshot of your private financial information. Under the law, no one can get access to your instant credit report until and unless you give permission. But in
recent years, many instances have come out where some unscrupulous companies pulled instant credit reports to find out if you qualify for a loan they were offering, before they have even contacted you about the loan. Some companies pull it for less savory purposes yet, such as to determine where you shop and spend your money. These are all improper purposes for accessing someone's private instant credit report. Although the law terms these illegal means, nevertheless, these things are happening and are creating problems for the innocent people. Your instant credit report is maintained by various credit bureaus. But all of them are not so much famous and reputed. In America, there are only three credit-reporting agencies that are famous and able to curve a niche for them. These three credit-reporting agencies are Equifax, Experian and TransUnion. Your instant credit report is entirely a private thing. All of the information in the report is legally supposed to remain private unless one of two things happens: --You give someone permission to pull your instant credit report, or, --The person pulling your instant credit report has a permissible purpose to pull it. Whenever you apply for a loan or a credit card, you normally sign on a form that gives the prospective creditor permission to pull your instant credit report. This is the usual manner in which credit card companies, car dealerships and lenders access your instant credit report. But be aware! Today, there are many companies that forge consumer signatures on forms to gain permission even though they don't have the legitimate permission to do so. Before pulling a copy of your instant credit report, the person or the company must certify that they are pulling it for a permissible purpose. If a company pulls your instant credit report for a permissible purpose and then uses it for an impermissible purpose, then that company has violated your rights and the law. If someone illegally pulls your instant credit report it may have adverse effect on your credit status. It not only violates your privacy but also lowers your credit score. And once your credit score decreases, it becomes really a tough job for you to find out a lender who might be ready to offer you the desired loan. It's only because one doesn't want to take risk by lending you money if you have poor credit score. And even if someone is ready, be sure he would definitely ask for higher interest rates. Therefore, you should be very careful regarding your instant credit report. Check your report on a regular basis and go through it minutely. If you have any questions or doubts, first contact the company that pulled your instant credit report and ask them, in writing, why their company name appears on your report. Sometimes there is an innocent explanation, but don't be surprised if you get the run-around or if it turns out that this company did not have any permissible purpose when they pulled your instant credit report. If you find out that there has been an impermissible pull of your instant credit report, or if you just cannot get good answers to your questions, then see a lawyer. You are entitled to a penalty per violation of your right to financial privacy, even if you do not directly suffer damage as a consequence of the improper pull. There is also the potential of punitive damages, as well as any out-of-pocket losses you have suffered. The statute also provides that the person who improperly pulled your instant credit report must pay for your attorney's fees, so these cases are frequently affordable even to consumers who cannot otherwise afford an attorney. |
