What Is a Consumer Credit Report?

The term "consumer credit report" is widely used to mean any credit report that is provided to or reviewed by the consumer. 

"Consumer Report": The legal definition

The term "consumer report," though, according to the Fair Credit Reporting Act, means "any written, oral, or other communication of any information by a consumer reporting agency bearing on a consumer's credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living."

A credit report is just one type of consumer report. Consumer reports can include your medical history, tenant history, employment background checks, and past insurance claims. These specialty consumer reports can be used by employers, landlords, and lenders to establish a consumer's eligibility for a job, an apartment, or a loan. Nationwide speciality consumer reporting agencies (not the major three credit reporting agencies), compile these other types of consumer reports. 

The FCRA entitles us to receive our free consumer reports, not just our credit reports, annually. You can obtain your free credit reports by visiting the government-sponsored site www.AnnualCreditReport.com. Unfortnately, there is no centralized source to obtain other consumer reports in your name (though www.ChoiceTrust.com will offer your insurance claim, employment, and tenant history). The FCRA does regulate with whom the specialty consumer reporting agencies can share your information, and how that information can be reported.

The terminology used by the Credit Reporting Agencies

To further confuse matters, the credit reporting industry (namely, the three major credit bureaus) often refers to the version of the report they provide to consumers as a "consumer disclosure." They call the version they provide to lenders and other financial institutions a "credit report" or "subscriber version." The format may vary between a consumer disclosure and a subscriber version. For instance, a bureau tries to provide a consumer disclosure in an easy-to-read and understandable format. A subscriber version, on the other hand, may come in a format meant to be read by a computer, or it may order the information differently from the consumer version. A consumer disclosure may also include more information, like a list of soft inquiries to your report, than a subscriber version.

Related Links:

Who Can Access Your Credit Report

Using Consumer Reports: What Landlords Need to Know

Using Consumer Reports: What Employers Need to Know