Consumer Credit Report
As defined by the Fair Credit Reporting Act, which has been provided by the Federal Trade Commission, the phrase consumer credit report refers to any communication, written, verbal or otherwise, that provides information for the purpose of determining an individual’s credit status. Thus, in the general sense, a consumer credit report is made up of the information collected and provided to banks, lenders and other entities that have an interest in determining the financial reliability or credit status of a consumer.
There are three major credit reporting agencies, and because these agencies do not share or exchange information, information must be requested from all three to form a complete understanding on an individuals credit worthiness.
A comprehensive credit report is easily available online and it is recommended by financial planners and government officials that consumers remain familiar with current credit reports. This is an important step in consumer protection.