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A credit report will document which accounts are in good standing, if any debts are past due, and other information about your financial history. A credit report, however, is a type of consumer report. A consumer report is a broader report that contains personal identifying information beyond credit.
Section 612(a) of the FCRA gives consumers the right to a free file disclosure upon request once every 12 months from the nationwide consumer reporting agencies and nationwide specialty consumer reporting agencies.
A consumer credit report is a record of a credit history from a number of sources, such as banks, credit card companies and collection agencies. Information from a credit report is used to determine their credit score, which is important when applying for different types of loans or credit cards.
Credit reporting companies, also known as credit bureaus or consumer reporting agencies, are companies that compile and sell credit reports. Credit reporting companies collect credit account information about your borrowing and repayment history including: The original amount of a loan. The credit limit on a credit
One important distinction to make is that investigative consumer reports will not include any information about your credit record obtained directly from a creditor or from you. An investigative consumer report cannot and will not be used as part of an application to grant credit.
Hard Inquiries That information frequently, but does not always, include a Social Security number. In response to a hard inquiry, Experian generally sells a complete consumer report (a/k/a credit report) to the potential creditor.
Investigative consumer reports are not really used to evaluate your creditworthiness. If fact, information from your credit report cannot be used in an investigative report.
These reports are used by employers for screening purposes to verify the information the applicant has provided is consistent and correct. Investigative consumer reports, on the other hand, can act as a standalone report or provide supplemental information to the consumer report.
Consumer Credit ReportFiles of information about your debt levels, repayment history, and assumed creditworthiness are housed with credit bureaus, especially with the three major ones: Experian, Equifax, and TransUnion.
What is a Consumer Report? A consumer report contains information about your personal and credit characteristics, character, general reputation, and lifestyle. To be covered by the FCRA, a report must be prepared by a consumer reporting agency (CRA), a business that assembles such reports for other businesses.