Credit Report

Knowledge is power and there are many reasons why you want to have power when it comes to credit reporting:

  • Monitor credit reports to manage what decisions you will make about payment terms, credit line, interest rates, insurance premiums, and investor relations
  • Know who you're doing business with before you extend credit to maximize the likelihood of timely repayment
  • Avoid the hassle and cost of collection procedures
  • Ensure key suppliers will be around to continue supplying reliably
  • Minimize risk with credit report monitoring services
  • Schedule your key accounts for routine monitoring to remain abreast of problematic developments
  • Stay on top of what your competitors are doing by monitoring their credit
  • Take advantage of comprehensive, up-to-date, real-time access to credit data through your Web browser — no hardware, software or technical know-how required
  • Convenient, secure, online member sign-up
  • Flexible credit reporting offers flexible solutions for supporting small-business financial decisions

Credit Reports are available to verified businesses that have been credentialed and with the subjects consent only.  

Consumer Credit Report

A consumer report contains information about personal and credit characteristics, character, general reputation, and lifestyle. To be covered by the FCRA, a report must be prepared by a consumer reporting agency (CRA) — a business that assembles such reports for other businesses.

Employers often do background checks on applicants and get consumer reports during their employment. Some employers only want an applicant's or employee's credit payment records; others want driving records and criminal histories and Workers Compensation reports. For sensitive positions, it's not unusual for employers to order investigative consumer reports — reports that include interviews with an applicant's or employee's friends, neighbors, and associates. All of these types of reports are consumer reports if they are obtained from a CRA.

Applicants are often asked to give references. Whether verifying such references is covered by the FCRA depends on who does the verification. A reference verified by the employer is not covered by the Act; a reference verified by an employment or reference checking agency (or other CRA) is covered. Section 603(o) provides special procedures for reference checking; otherwise, checking references may constitute an investigative consumer report subject to additional FCRA requirements. 

Business Credit Reporting

Business credit reports contain information on a specific business' payment history, existing credit obligations, previous or existing legal filings, and background history. Often used as an indicator of a company's "financial health," a business credit report is most commonly used to help a lender decide if a company can take on additional financial obligations and if it will most likely pay those obligations on time. 

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