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A ‘consumer report’ consists of data concerning an individual’s way of living, credibility, personal and credit characteristics etc. If the individual seeks for the report in question to land within the ambit of the FCRA then the CRA (consumer reporting agency) must play a role in laying the groundwork for the report. It must be taken into account that the CRA is in fact an enterprise that prepares or in other words, gathers reports of the sort for enterprises in general. However data that is usually not incorporated in a consumer report encompasses arrest records more than 7 years old. An account of unfavorable data is a part of the report with the exception of criminal offenses that have been committed either 7 years before or exceeding that time period. Civil judgements, negative credit records, paid tax liens and collections accounts are also not subsumed in this specific report but the same rule above applies here. Only if the latter items are 7 years or older, then we will not mention this data in the consumer report.
Related Topics: Explain Information provided by the borrower regarding the right of refusal • Fair Credit Reporting Act (FCRA)/Fair and Accurate Credit Transactions Act (FACTA) 15 USC § 1681 et seq. What is a Credit Check What is a Credit Score
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