A credit report is a detailed synopsis of information collected about an individual by one of the major credit bureaus. A credit report contains identifying information, nature and payment history of current and past accounts, employment history, a credit score, and other pertinent information such as arrests, lawsuits, and judgements. Anyone who applies for a job or credit in the US has a credit report. By law, credit report users must have the individual’s written consent to obtain the credit report. The Fair Credit Reporting Act (FCRA) regulates practices of credit reporting agencies and credit report users. For instance, the FCRA requires the user to tell the individual which report was used to make a credit decision. The more recent Fair and Accurate Credit Transactions Act (FACTA) further obligates credit bureaus to provide a free copy of the individual’s credit report upon request, as often as every twelve months. Otherwise, a credit report can be obtained for a fee. |
