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Given the abundance of personal information available online, you might assume that anyone with even a passing familiarity with Google searches can access your credit history. Your credit scores and reports are visible to others, but you can be confident that only those who truly require access to this financial information will receive it.
However, there are numerous circumstances in which your credit may be examined, including when you apply for a credit card or loan, a job, utilities, student loans, and more. Monitoring your own credit helps you watch out for trouble and build your profile.
Is it dangerous to tell people your credit score number?
This question has no right or wrong response because it all depends on your individual credit score and your intended use of it. On the other hand, a lot of people think that hiding your credit score will help safeguard your credit history and future credit applications.
Why is it important to keep your credit score private?
Your credit score is a number that represents your creditworthiness and it is used by lenders to determine whether or not to approve you for a loan. A high credit score means that you are a low-risk borrower and lenders are more likely to approve you for loans and offer you lower interest rates. A low credit score means that you are a high-risk borrower, and lenders are less likely to approve you for loans or may offer you higher interest rates.
Who should you share your credit score with?
There are a few people who you may want to share your credit score with, such as:
- Your spouse or partner: If you are married or in a long-term relationship, it is important to share your credit score with your partner so that you can make financial decisions together.
- Your parents: If you are a young adult, your parents may want to help you build your credit history.
- A potential landlord: If you are renting an apartment, your landlord may ask for your credit score as part of the application process.
- A potential employer: In some cases, employers may ask for your credit score as part of the background check process.
How can you protect your credit score?
You can take a few steps to safeguard your credit score, including:
- Monitor your credit report regularly: You can get a free copy of your credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) once a year. You can also sign up for a credit monitoring service, which will notify you of any changes to your credit report.
- Pay your bills on time: One of the most important factors in your credit score is your payment history. Make sure to pay your bills on time every month.
- Keep your credit utilization low: Your credit utilization ratio is the amount of credit you are using compared to your total available credit. Aim to keep your credit utilization ratio below 30%.
- Don’t apply for too much credit: Every time you apply for credit, a hard inquiry is placed on your credit report. Too many hard inquiries can lower your credit score.
Whether or not to keep your credit score private is a personal decision. However, it is important to be aware of the risks and benefits of sharing your credit score with others. If you are concerned about protecting your credit score, you can take steps to monitor your credit report and keep your credit utilization low.
Employers
It’s a myth that your current or potential employer can access your credit score. But, it might be able to pull a credit report, or at least a modified version of one, based on the state in which you reside. Your account numbers and birthdate are probably not going to be in the report that your employer obtains, but most other credit-related data is available as long as it doesn’t put your security at risk.
Your credit reports can’t be pulled by an employer without your written consent. Additionally, you are legally required to receive both the report and a “adverse action notice” informing you of the reason for the denial if the contents of the report are the basis for your job rejection.
Government agencies
A government agency with a legitimate reason to pull your credit may do so. When you apply for public assistance, it could involve finding your contact information, figuring out whether you have any unclaimed assets or income, figuring out how much child support you can afford, and more.
The Pros and Cons of Personal Loans
FAQ
Is it OK to show people your credit score?
Is a credit score confidential?
Is it okay to tell your credit score?
Can other people find out my credit score?
Do you need a credit card to get a good credit score?
You don’t need to revolve on credit cards to get a good score. Paying off the balance each month helps get you the best scores. Credit scores are based on experience over time. The more experience your credit report shows with paying your loans on time, the more information there is to determine whether you are a good credit recipient.
Should you share your credit score on social media?
“Generally speaking, it is never a good idea to share personal identifiable information like your credit score and other financial information via social media,” says Equifax spokeswoman Demitra Wilson. [Read: How to Avoid Credit Card Debt .] “Sharing your credit score publicly is kind of like posting vacation photos while you’re still on vacation.
Can a credit card improve your credit score?
Irresponsible use of a credit card can be a negative for your credit score and your finances. But used wisely, a credit card can be one of the fastest ways to improve your credit, as it impacts the most important aspects of your score. By signing up for a credit card and paying on time each month, you build a positive payment history.
What does a good credit score mean?
Many factors affect credit scores, mainly payment history and how much credit you use. If your partner has a score of 700 — in the “good” range on the standard 300 to 850 scale — they likely pay their bills on time and don’t overspend. A 600 score, typically in the “bad” range, signals the opposite. But don’t rush to judgment.