A consumer credit report is a factual record that contains an individual's credit history. Credit grantors are permitted by law to look over your credit report to determine whether or not you are suitable to be granted credit. Most of the information on your credit report comes from the companies you do business with. If the information on your credit report is inaccurate, you have the right to dispute it. Federal Laws regulate how credit reports can be used.
Individuals have the right to request their own reports.
Businesses need to meet certain requirements such as a background proof under permissible purpose under federal law, on-site inspection of the business, a business license, and a signed contract requiring the business to use the information obtained accordingly. Information included on your credit report contains such items as your name, social security number, age, and employment history. It also indicates anyone requesting information with or without your knowledge. On your credit report you will find a list of creditors from retail stores, mortgage companies, and other creditors. Credit reports show in detail the status of each account as reported by credit grantors.