Consumer Credit Report

Credit reports are a serious matter. They are the “be all and end all" when it comes to getting financial support from your bank. Your credit rating tells your bank about your buying habits and spending tendencies. Banks use this information to calculate how likely you are to default on a loan.

Many financial institutions such as banks and lending companies rely on credit reports to efficiently pinpoint loan applicants who are most capable of paying them back. After they have ascertained that, they again use credit reports to gauge how much they can safely lend to each applicant.

I would like to share my personal experience on the deals I had while getting consumer credit report.

First of all I should explain what the consumer report is and what we need it for. 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.

Employers often do background checks on applicants and get consumer reports during their employment. Some employers only want an applicant's or employee's credit payment records; others want driving records and criminal histories.

For sensitive positions, it's not unusual for employers to order investigative consumer reports — reports that include interviews with an applicant's or employee's friends, neighbors, and associates. All of these types of reports are consumer reports if they are obtained from a CRA.

Applicants are often asked to give references. Whether verifying such references is covered by the FCRA depends on who does the verification. A reference verified by the employer is not covered by the Act; a reference verified by an employment or reference checking agency (or other CRA) is covered. Section 603(o) provides special procedures for reference checking; otherwise, checking references may constitute an investigative consumer report subject to additional FCRA requirements.

Before giving me an individual's consumer report, the CRA required me to certify that I was in compliance with the FCRA and that I would not misuse any information in the report in violation of federal or state equal employment opportunity laws or regulations.

I found that free credit report sites were all over the internet. They can help you get your credit rating in a matter of minutes. Free credit reports are also honored by financial institutions though they usually do their own credit checking.

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