What is a credit report? | Consumer Financial Protection Bureau (2024)

FAQs

What is a credit report? | Consumer Financial Protection Bureau? ›

A credit report is a statement that has information about your credit activity and current credit situation such as loan paying history and the status of your credit accounts. Most people have more than one credit report.

Your credit report is a summary of your credit history. Your credit report is created when you borrow money or apply for credit for the first time. Lenders send information about your accounts to the credit bureaus, also known as credit reporting agencies.

CRAs compile what are called “consumer reports,” meaning any written, oral, or other communication of any information by a CRA bearing on a consumer's credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living.

The Consumer Financial Protection Bureau (CFPB) helps consumers by providing educational materials and accepting complaints. It supervises banks, lenders, and large non-bank entities, such as credit reporting agencies and debt collection companies.

An investigative consumer report is akin to a detailed background check in which your character and reputation are assessed. This kind of report is not usually used to assess creditworthiness, but rather your viability as a potential employee or tenant. It is different from a credit report.

Employment background checks also are known as consumer reports. They can include information from a variety of sources, including credit reports and criminal records.

A credit report is a detailed account of your credit history. They're an important measure of your financial reliability. Your credit report might be used in a variety of situations, from getting a credit card to buying a house – or even applying for a job.

A credit report is a report that contains factual information regarding a customer's credit history, public records and employment data. Personal information, such as the customer's name, address, social security number, employer and date of birth are also included in the report.

You can get your free credit report from Annual Credit Report. That is the only free place to get your report. You can get it online: AnnualCreditReport.com, or by phone: 1-877-322-8228. You get one free report from each credit reporting company every year.

A credit bureau is a company that collects account information from credit issuers, banks and public records and gives that information to you, the consumer, in the form of a credit report.

Why would I get a check from the Consumer Financial Protection Bureau? ›

Here's how to tell if it's legit. If you have received a check from the CFPB, it is because we have taken an enforcement action against a person or company for violating a consumer financial protection law, and you are eligible for compensation as a result of this violation.

Sometimes the CFPB will send a warning letter to advise recipients that certain actions may violate federal consumer financial law. These are not accusations of wrongdoing. Instead, they are meant to help recipients review certain practices and ensure that they comply with federal law.

We protect consumers from unfair, deceptive, or abusive practices and take action against companies that break the law. We arm people with the information, steps, and tools that they need to make smart financial decisions.

The applicant or employee must agree in writing to the release of the report to the employer. This written permission may be given on the notice itself.

No, requesting your credit report does not hurt your credit score.

Section 1681a of the Fair Credit Reporting Act defines an “investigative consumer report” as “a consumer report or portion thereof in which information on a consumer's character, general reputation, personal characteristics, or mode of living is obtained through personal interviews with neighbors, friends, or ...

A consumer credit report is a statement that depicts your credit activity and most recent credit profile. It shows the status of an individual's credit accounts, whether open, closed, or delinquent, credit limits, account balances, and payment history.

No, requesting your credit report does not hurt your credit score.

While the general public can't see your credit report, some groups have legal access to that personal information. Those groups include lenders, creditors, landlords, employers, insurance companies, government agencies and utility providers.

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.