As a consumer, you know your credit report carries significant weight in your life. It determines what loans you can take out, where you can live, and the interest you pay. However, it’s important to understand that there are other reports out there that can impact your life. One of these things is an investigative consumer report. If you’re unsure what this is or how it can affect you, you’ll want to keep reading. The following blog explores what you should know about these matters and why working with a San Diego consumer lawyer can help with any issues you’re facing.
What Is an Investigative Consumer Report?
Consumer reports are incredibly common, and nearly everyone will have to have their report reviewed in some capacity. However, many are unfamiliar with what an investigative consumer report is.
This is similar to a credit report but provides much more information. Typically, a credit report contains strictly financial information, like the accounts you’ve opened in your name, your payment histories, debts, and bankruptcies, among others. However, an investigative consumer report includes much more personal information related to your character, reputation, and characteristics. This information is obtained through interviews with people who know you. It’s important to understand that this report cannot include information that’s included in a credit report.
You’ll find that these are typically used for tenant and job screenings. This will inform your potential landlord or future employer about your character to get a better understanding of who you are. However, you’ll find that these entities must inform you before looking at an investigative consumer report and obtain your consent before conducting this search. Additionally, if you are denied as a result of the information in the report, the entity who conducted the search must inform you of why you were denied. Finally, once it’s been served its purpose, it must be destroyed.
Does the FCRA Oversee These Reports?
Typically, the Federal Trade Commission (FTC) is responsible for ensuring that consumer reports fall in line with the rules established under the Fair Credit Reporting Act (FCRA). However, some of the rules established for the investigative consumer reports are created by the Consumer Financial Protection Bureau. The FCRA is responsible for ensuring the accuracy, privacy, and fairness of the information included in your report. As such, if a potential employer or landlord does not adhere to the rules of utilizing these reports, they can be held accountable by the FCRA.
If you have reason to believe the information in your investigative consumer report was incorrect, the most important thing you should do is connect with an experienced consumer attorney with Barthel Legal. We understand how frustrating these matters can be, which is why our dedicated legal team will investigate these matters to determine the best possible outcome for your circumstances. Connect with us today to learn how we can fight for you.
