X What is a "credit record"?The term "credit record," in its narrow sense, refers to
information describing a person's previous financial transactions which bear on his present creditworthiness. But in its
broader and more commonly used sense, the term refers to
any information describing a person's financial and employment history, state of health, character, reputation, and style
of living that may be used in deciding whether to give that
person a loan, credit, an insurance policy, a job, a professional
or business license, or some other commercial benefit.The Privacy Commission described six types of information
generally found in credit reports.
Credit Records and Consumer Reports
|1. ||Identifying information : name and spouse's name,
Social Security number, address and telephone
|2. ||Financial status : amount of income (present and past),
employer (present and past), occupation, sources of
|3. ||Credit history : previous types, extent, and sources of
|4. ||Existing lines of credit : payment habits, outstanding
obligations and debts, extent of current lines of credit;|
|5. ||Public Record Information : lawsuits, judgments, tax
liens, bankruptcies, arrests, convictions (TRW has a
policy of not including pending lawsuit or criminal
|6. ||Prior requesters : names of subscribers who requested
information on the individual in the past.|
While individually many of these items are not particularly
sensitive, together they reveal a lot about a person's lifestyle
and habits. Credit bureaus can track individuals as they move
from neighborhoods, jobs, lifestyles, and income levels.
Credit reports are compiled primarily by credit bureaus,
investigative-reporting agencies, and private-detective agencies, which sell their services to "subscribers" -- creditors,
Questia, a part of Gale, Cengage Learning. www.questia.com
Book title: Your Right to Privacy:A Basic Guide to Legal Rights in An Information Society.
Contributors: Evan Hendricks - Author, Trudy Hayden - Author, Jack D. Novik - Author.
Publisher: Southern Illinois University Press.
Place of publication: Carbondale, IL.
Publication year: 1990.
Page number: 119.
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