If you’re like the large majority of adults, you’re more than familiar with your credit report. However, when you learn that a potential employer wants an investigative consumer report, knowing what this is and what to expect is critical. The following blog explores what information is included in these reports and why it’s imperative to connect with an Arroyo Grande consumer lawyer for assistance if you have reason to believe the information in this report is invalid or violates the laws surrounding them.
What Is the Point of an Investigative Consumer Report?
First and foremost, it’s imperative to understand the differences between an investigative consumer report and a credit report. Most who are unfamiliar assume these are the same thing, which couldn’t be further from the truth. A credit report contains factual information regarding your financial history as a consumer. For example, you’ll find that this includes information regarding your credit lines, open accounts, payment history, and any outstanding debts you may owe.
However, an investigative consumer report is much different, as it contains more subjective information. This typically includes details about your characteristics and reputation, obtained through interviews with friends, family, coworkers, and neighbors. This information is typically used by employers or landlords to vet applicants, but may also be used by charity organizations and lenders. It’s critical to understand that information from your credit report cannot be included in this report. Additionally, if an entity wishes to run an investigative consumer report on you, they must obtain your written consent before doing so.
Are These Reports Regulated?
It’s important to understand that the agencies responsible for compiling and issuing credit reports are not involved with investigative consumer reports. However, this does not mean this industry is left unregulated. Generally, the Federal Trade Commission (FTC) oversees credit reporting to ensure it is fair and accurate for consumers. The same applies to investigative consumer reports. The FTC, utilizing the Fair Credit Reporting Act (FCRA) is responsible for ensuring that the information included in these reports is fair and accurate, as well as holding those who violate the laws regarding these matters liable. For example, if there are reports that a company is requesting these without consumer permission or keeping them on file instead of destroying them, the FTC’s Consumer Financial Protection Bureau will conduct an investigation.
If you have reason to believe the information in your investigative report is incorrect or otherwise violates the laws in place to protect you as a consumer, it’s important to understand your legal options. Generally, the most important thing you can do is connect with an experienced attorney from Loker Law, APC. Our team understands how frustrating these matters can be, which is why we will do everything possible to help guide you through these complicated times. Connect with us today to learn how we can fight for you.
