What is Credit?
This would seem like a superfluous or rhetorical question. It is not! Credit as defined by common usage
today means a person’s (or corporation’s) ability to borrow money. Even if you never need credit to purchase anything, your credit will be evaluated today by prosective employers, associations you may want to join, and by various government agencies. All of these evaluations will be made concerning your credit with or without your consent or knowledge.
Only when you apply for a loan can a lender (and/or seller) actually or legally obtain your credit report and only then with your written permission. Remember anytime you sign any form in a retail business that is legally an agent for a lender, you may be giving written permission to obtain your credit report. Read everything you sign carefully! Just for you own information, even a friend lending you money can obtain your credit report if he has your name, social security number and permission (signature).