Consumer Reports is a non-profit organisation that provides unbiased product testing and ratings to help consumers make informed purchasing decisions. They do not accept advertising or sponsorships from manufacturers, and their reports are based solely on their own testing and research.
A Consumer Report is a document or compilation of information about an individual’s creditworthiness, character, reputation, or personal characteristics, which is used for making decisions regarding credit, employment, insurance, or other purposes.
Consumer Reports can be requested by businesses, employers, landlords, insurance companies, and other entities that have a legitimate need for the information contained in the report.
Under the Fair Credit Reporting Act (FCRA), you have the right to request a free copy of your Consumer Report from the consumer reporting agency once every 12 months. You can also request a copy if you have been denied credit, employment, or insurance based on information in the report.
Yes, if you believe that there is inaccurate or incomplete information in your Consumer Report, you have the right to dispute it with the consumer reporting agency. They are required to investigate your dispute and correct any errors within a reasonable time frame.
Yes, a Consumer Report can include negative information such as late payments, defaults, bankruptcies, or other negative financial or personal history. However, the information must be accurate and up-to-date.
Most negative information can stay on your Consumer Report for seven years, while bankruptcies can remain for up to ten years. However, certain types of information, such as criminal convictions, can stay on your report indefinitely.
Yes, if a consumer reporting agency fails to comply with the FCRA, you may have grounds to sue them for damages. It is advisable to consult with an attorney who specializes in consumer rights to understand your options.
Yes, you have the right to opt-out of receiving pre-approved credit offers by contacting the consumer reporting agencies directly. This can help reduce the amount of unsolicited credit offers you receive.
No, you are generally not allowed to share your Consumer Report with others unless you have obtained written consent from the consumer reporting agency. Sharing the report without proper authorization can be a violation of privacy laws.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 5th April 2024.
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