Credit Reports

Credit Report Services

Credit Reports

CBSI sells consumer credit reports to qualified businesses. Call us today or inquire via our contact page for more information.


[Please Note: We only provide consumer credit reports to businesses. We do not provide credit reports to individuals or consumers. Under federal law, consumers have a right to receive a free copy of their credit report from each credit reporting company. To obtain a free copy of your personal credit report go to Annual Credit Report. This is the only source authorized by federal law for obtaining a free credit report.]

What Is a Credit Score?

A consumer's personal credit score (such as your FICO score) is a numeric representation of his or her creditworthiness. This score is produced by using information pulled from the consumer's credit report.  


Credit bureaus generally use FICO's algorithms to calculate a credit score. Consumer FICO scores range from 300 to 850. A higher score indicates a history of paying bills on time.


When considering an individual's credit application, business lenders use the score to predict how likely he or she is to pay them back in a timely manner. 

What Is Included in a Consumer Credit Report?

Credit reports include the following information:

 

  • Identifying information, including the individual’s name, address, Social Security number and date of birth.
     
  • Credit Account Information: Only the accounts listed under an individual consumer's name are included in credit reports and scores. Information provided by creditors including the types of accounts (for example, a credit card, mortgage, student loan or vehicle loan), the date those accounts were opened, the credit limit or loan amount, account balances and payment history.
  • Inquiries: “Soft” credit inquiries may result from an individual checking his or her own credit report, companies extending pre-approved offers of credit, or current creditors conducting account reviews. Soft inquiries do not impact credit scores. “Hard” inquiries occur when businesses or individuals review the credit report of a consumer who had applied for credit or a service. Hard inquiries remain on the credit reports for up to two years, and may impact credit scores.


  • Bankruptcies:  Bankruptcies generally remain on an individual’s credit report for seven to 10 years, depending on the type of bankruptcy.

 

  • Unpaid Child Support and Alimony:  Unpaid child support or alimony may remain on a consumer’s credit report for up to seven years, even if the account is later paid in full.


  • Collections Accounts:  This section includes credit accounts that have been placed in collections by banks, retail stores, cable companies, mobile phone providers, doctors and hospitals. As of July 1, 2022, medical collections debt which has been paid off no longer appears consumer credit reports. Unpaid rent sold to a collection agency can be included in on an individual’s credit report for up to seven years.
     

Each of the primary consumer credit bureaus — TransUnion, Equifax, and Experian — can provide a free credit report every 12 months. Annual Credit Report.com is the only source authorized by federal law to provide free credit reports.


Only the individual consumer and some select parties may access a consumer's credit report. With business credit reports, however, all information is public. Individuals can also pay to access information on other companies.

Credit Scores Are Used To:

  • Calculate an individual's borrowing power. Lenders credit reports and scores to determine how much financing a person may secure.


  • Determine insurance rates. Some insurance providers evaluate a consumer's credit when calculating appropriate rates on insurance.


  • Screen potential tenants. Landlords or property managers may pull credit history to help determine if a potential tenant is financially responsible.

Factors That Can Impact Credit Scores:

  • Outstanding debts
  • Credit utilization ratio
  • Payment history
  • Length of credit history
  • Public records, such as bankruptcies, liens, and judgments


Call CBSI at 1.800.383.0234
to purchase consumer credit reports for your business.

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