Consumer Report

As defined in the U.S. Fair Credit Reporting Act: Any written, oral, or other communication of any information by a consumer reporting agency bearing on a consumer's credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living which is used or expected to be used or collected in whole or in part for the purpose of serving as a factor in establishing the consumer's eligibility for (1) credit or insurance to be used primarily for personal, family, or household purposes, or (2) employment purposes, or (3) other purposes authorized under section 604. The term does not include any (A) any report containing information solely as to transactions or experiences between the consumer and the person making the report; (B) authorization or approval of a specific extension of credit directly or indirectly by the issuer of a credit card or similar device; or (C) report in which a person who has been requested by a third party to make a specific extension of credit directly or indirectly to a consumer conveys his decision with respect to such request, if the third party advises the consumer of the name and address of the person to whom the request was made and such person makes the disclosures to the consumer required under section 615.

Associated term(s): Credit Reporting Agency
Associated law(s): Fair Credit Reporting Act

Tags: U.S.