What Information Does a Consumer Report Include?

A consumer report compiles an individual’s financial and personal data, gathered by consumer reporting agencies (CRAs). These reports serve various entities, including lenders, landlords, employers, and insurers, helping them assess an individual’s financial behavior and overall reliability. They provide a snapshot of a consumer’s past actions and characteristics relevant to creditworthiness, character, or mode of living.

Credit Report Information

Credit reports, commonly sourced from major bureaus like Experian, Equifax, and TransUnion, include comprehensive information about an individual’s financial history. This begins with personal identifying information, such as the consumer’s full name, current and previous addresses, Social Security number, and date of birth. Employment information, including current and past employers, may also be listed.

Account information details various types of credit accounts, including credit cards, installment loans like auto loans or student loans, and mortgages. For each account, the report shows the opening date, credit limit or original loan amount, current balance, and a detailed payment history. This history indicates whether payments were made on time, if any were late, or if an account was charged off. The current status of each account, such as open, closed, or paid in full, is also provided.

Credit reports also include certain public records. Bankruptcies, which can remain on a report for up to 10 years, are still reported. Civil judgments and tax liens are less frequently included.

Credit inquiries are records of entities that have requested a consumer’s credit report. These inquiries are categorized as either “hard” or “soft.” A hard inquiry occurs when a lender checks credit for an application and can impact credit scores. Soft inquiries occur when someone checks their own credit, or when a potential employer or insurer performs a check, and they do not affect credit scores. Both types of inquiries can remain on a credit report for up to two years.

Collection accounts appear on credit reports when a debt has been sent to a collection agency. These accounts indicate a defaulted debt that remains on a credit report for seven years from the date of the first missed payment. While a collection account can negatively influence credit scores, its impact lessens over time. Some scoring models may disregard paid medical debt or collection accounts under a certain amount.

Employment and Tenant Screening Report Information

Consumer reports used for employment background checks and tenant screening contain different types of information tailored to their specific purposes. These reports go beyond traditional credit data to provide a more holistic view of an individual’s history.

For employment screening, reports include employment verification, detailing past employers, dates of employment, and job titles. Education verification is also common, confirming degrees obtained, institutions attended, and dates of attendance.

Criminal records are a key part of both employment and tenant screening reports. These sections may include information on felony and misdemeanor convictions, and sometimes arrests. Checks against sex offender registries are also conducted. For positions requiring driving, reports can include driving records, showing motor vehicle violations and license status.

Tenant screening reports focus on an applicant’s rental history. This includes past evictions from rental properties and verifies address history, listing previous residences.

Both employment and tenant screening reports may incorporate a summary of credit history. This overview provides insights into financial stability, such as payment habits, outstanding debts, and accounts in collections. The aim is to assess an applicant’s financial responsibility as it pertains to their ability to pay rent or manage job-related financial duties.

Specialty Consumer Report Information

Beyond credit and general background checks, several specialty consumer reports exist, each focusing on specific types of information. These reports are also governed by the Fair Credit Reporting Act (FCRA) and provide unique data points for various industries.

Insurance reports, such as those generated by LexisNexis under the Comprehensive Loss Underwriting Exchange (CLUE) system, provide a detailed history of insurance claims. A CLUE report includes information on past property damage or accident history for both vehicles and homes. It lists the policyholder’s name, policy number, type and date of loss, claim status, and the amount paid out for claims over a seven-year period. These reports do not include credit, criminal, or civil records.

Check cashing and bank account reports, like those from ChexSystems, focus on a consumer’s history with deposit accounts. A ChexSystems report contains information on closed bank accounts, instances of overdrafts, bounced checks, and other account abuse. It may flag suspected fraudulent activity and unpaid fees, providing banks with insights into potential risks associated with opening new checking or savings accounts. This information is retained for up to five years.

Medical Information Bureau (MIB) Group reports are another type of specialty consumer report used by life and health insurers. These reports contain coded information about medical conditions or health issues that an individual disclosed during past insurance applications. The purpose is to help insurers detect omissions or misrepresentations on applications.

Tenant history reports, distinct from general eviction history, offer more specific details about a consumer’s past rental behavior. These reports include direct landlord references or specific instances of property damage from previous rentals. They provide a granular view beyond just whether an eviction occurred, offering insights into a tenant’s care for a property and adherence to lease terms.