---
title: What’s a Consumer Report?
description: Fair Credit Reporting Act (FCRA) is concerned with a consumer’s rights in relation to their credit report and sets forth requirements
---

[Banker's Compliance Consulting Blog ](https://blog.bankerscompliance.com/en)

# [What’s a Consumer Report?](https://blog.bankerscompliance.com/en/whats-a-consumer-report)

 Written by [Diane Dean](https://blog.bankerscompliance.com/en/author/diane-dean) | Aug 29, 2022 1:29:56 PM

[The Fair Credit Reporting Act](https://www.ftc.gov/legal-library/browse/statutes/fair-credit-reporting-act) (FCRA) is concerned with a consumer’s rights in relation to their credit report and sets forth requirements for both the [credit reporting agencies](https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/#:~:text=There%20are%20three%20big%20nationwide,and%20other%20inquiries%20and%20information.) as well as the businesses that provide information to them.

It’s not uncommon for lenders to believe that if they order a consumer report in connection with a business purpose/commercial transaction, the consumer to which that report belongs is not a consumer for the purpose of that transaction. That’s a huge misconception!

Jerod explains more in the video.

 

Ready to learn more? [JOIN US](https://store.bankerscompliance.com/#?keyword=fcra&type=) for our webinar, “[FCRA / FACT Act.](https://store.bankerscompliance.com/#?keyword=fcra&type=)” Featured topics include:

- Obtaining Credit Reports & Permissible Use
- FCRA Adverse Action Notice Requirements
- Identity Theft Prevention Programs & Red Flags
- Credit Score Disclosures & Risk-Based Pricing Notices
- Providing Notices of Negative Information
- Direct Disputes & Investigations
- Fraud Alert Responsibilities
- Identifying & Correcting Address Discrepancies
- Affiliate Marketing Opt-Out Requirements

Published  
2022/08/29

[View full post](https://blog.bankerscompliance.com/en/whats-a-consumer-report)

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