What Is a Consumer Report?

The term consumer report refers to any sharing of information by a consumer reporting agency (CRA) that has any bearing on the consumer’s creditworthiness, character, or reputation. Consumer reports play a significant role in terms of an individual’s credit score, which can directly affect their finances, but they go beyond credit reports. If you’ve been negatively affected by a consumer report that doesn’t align with federal laws, our experienced fair credit reporting attorneys at The Law Offices of Jibrael S. Hindi are committed to skillfully advocating on your behalf.

The Fair Credit Reporting Act

The Fair Credit Reporting Act (FCRA) sets the legal regulations for everything from traditional credit reports to employment background checks and screenings for tenants. Any one of these can have a serious impact on your future.

FCRA determines how reporting agencies can collect and store data on individual consumers. It is designed to help protect consumer privacy and to address the matter of accuracy in relation to background checks for credit, employment, and housing. Because the stakes are high, the law maintains strict limitations that include the following:

• The enterprise pulling an individual’s consumer report must have a permissible purpose for doing so. While reviewing a credit card applicant’s credit score is likely allowed, doing a random check is not.
• Consumers have the right to dispute inaccuracies on their reports.
• When adverse action based on a consumer report is taken against an individual consumer, the enterprise must provide them with an adverse action notice.

Discuss your related concerns with a reputable fair credit reporting lawyer today.

Credit Reports

The most common consumer reports are credit reports, which are put together by major national bureaus that track a wide range of financial information. This includes data that relates to active and closed credit accounts, payment history, late and missed payments, total submissions of credit applications, and bankruptcies. Ultimately, a credit score is assigned, which is generally a number from 350 to 850, that predicts the individual’s financial reliability.

Investigative Consumer Reports

Investigative consumer reports address more in-depth information about the consumer’s overall character and reputation. Reports of this nature are usually sought for housing and employment purposes. And they are backed up by interviews with those who know the individual well, including friends, neighbors, and coworkers.

Specialty Consumer Reports

Specialty consumer reports reflect historical information regarding risks that aren’t based on creditworthiness. Examples include the likelihood that the consumer will file an insurance claim, will pay their rent on time, will handle prescription medications appropriately, or will bounce checks.

Reach Out to Our Experienced Fair Credit Reporting Lawyers Today

Our well-regarded fair credit reporting attorneys at The Law Offices of Jibrael S. Hindi appreciate the challenges associated with unfair credit reporting practices, and we are well prepared to take the legal steps necessary to protect your rights as a consumer. For more information about what we can do to help, please don’t delay contacting us online or giving our firm a call at 844-542-7235 today.