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Definition of a Consumer Report

Definition of a Consumer Report thumbnail
A consumer of the shopping industry

A consumer report is any form of communication regarding a consumer's credit history or credit worthiness. Consumer reports differ from credit reports in that they can also include information such as a consumer's lifestyle, income and job.

  1. Purpose

    • The primary purpose of a consumer report is to inform a potential employer or lender of a person's credibility. It is a crucial tool used for employment and lending that many people might not know about. The difference in getting a job and not getting one can be determined solely based upon the consumer report.

    Credit Bureaus

    • Credit card companies depend heavily on the consumer report when deciding whether a person can be trusted financially. This also establishes how high a credit limit a consumer may receive and his or her APR. Two examples of credit bureaus are Equifax and Experian.

    Special Types

    • In addition to credit-worthiness and employment, a consumer report may also be formulated for investigative purposes. The report outlines everything from credit to employment to character.

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  • Photo Credit consumer girl image by Lev Dolgatshjov from Fotolia.com

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