Consumer Credit Report

Consumer credit reports are in reality credit histories on individuals who have applied for credit cards, made loans at banks, acquired mortgages, bought cars, etc. and the lending agencies have reported your indebtedness and payment history to the three credit reporting agencies, Equifax, Experian, and TransUnion (CRAs). A consumer credit report is requested of one or more of those agencies by anyone who is considering lending you money or extending credit to you. The lenders want to know what other debt you may have and how conscientious you've been about paying them back. Your consumer credit report contains a significant amount of personal information--your name, address, telephone number, Social Security number, year and month of birth, and employment information. They will also include some legal information such as judgments, bankruptcies and tax liens.

The credit reporting agencies compiling information on a consumer do not make decisions as to a consumer's creditworthiness, but compiles reports from what his file contains and passes that information along to potential credit grantors when they request consumer credit reports. Where legitimate creditors are concerned, this information is valuable for making the decisions about whether or not to sell you that car or house, or how much you can buy with that credit card you want. These reports are used by potential landlords, insurance companies, employers and potential employers, or any government agency to determine your creditworthiness. Generally, only an employer or prospective employer needs your written consent to obtain a your report. The parties who have requested information on him are part of the information a consumer receives on his copy of his consumer credit report.

Federal and state laws ensure the individual's right to see his own consumer credit report. A copy is available either by calling the CRAs, writing to them, or asking them online. There is a fee if you want more than one report in a year's time, but you are allowed one free report per year from each CRA. Also, if you want to see your credit rating number, there is a fee even with your free report. Consumer credit reports are an important part of the American financial landscape. It is important for debtors to be careful about how they handle their credit so information that comes up with their name on it reflects financial responsibility to the lender or creditor with whom they next apply. Consumer credit reports are valuable tools in our credit-oriented society.

Christians are cautioned to be good stewards of God's gifts. In modern times, monitoring one's credit is one of those ways. What happened to one who did not is recounted in scripture: "And he called him, and said unto him, How is it that I hear this of thee? give an account of thy stewardship; for thou mayest be no longer steward." (Luke 16:2)

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