Definition

• In commercial circles, a consumer report is a report generated by a group of consumers regarding a product. This report provides detailed information on the product, what it is used for, what its benefits are and what problems it might have. Most consumer reports rate products according to this information and create lists of the best products within a certain genre.
  
  

Use

• Consumer reports exist to help buyers make informed decisions on products. By examining a large amount of related information on the product that they are interested in, buyers can decide which brand to buy. Because most consumer reports include pricing information and organizations where these products can be bought, consumers also use the report to find out how much they should pay for these products.
  
  

Credit Definition

• In credit circles, a consumer report is a detailed look at the credit payments for a particular individual. These reports look at a person's credit and sometimes at their criminal histories and driving records. The report will show all products that the consumer buys with credit and their past credit activities. People who use credit often will tend to show their general lifestyle, character and reputation with a consumer report.
  
  

Purpose of Credit Consumer Reports

• Consumer reports are usually ordered by employers who want to examine an applicant's credit history before hiring them. These reports offer insight into an employee's character and how they are likely to behave in the future. Lenders and landlords may also order consumer reports to ensure that tenants will be able to make their rent payments, especially with high rent rates.
  
  

Creation

• Commercial consumer reports are created by organizations that survey many different customers for certain products. These surveys are then combined into a single report listing the pros and cons for multiple brands of the same product. Consumer reports for credit are prepared by a CRA, or consumer report agency that orders credit information from multiple organizations and combines the data into one report.