What is a consumer report?

A consumer report is defined as any communication by a consumer reporting agency that pertains to a consumer's creditworthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living. This broad definition encompasses various aspects of a consumer's financial information and history, making it vital for lenders, employers, and insurers to assess the risk associated with providing credit, employment, or insurance.

The focus on creditworthiness is significant because it reflects the reliability of the consumer in fulfilling financial obligations. This is the core of what a consumer report represents, as it provides insights that help stakeholders make informed decisions.

The other options do not encompass the comprehensive nature of a consumer report. For instance, a report exclusively about credit scores does not consider other critical elements of a consumer's financial profile. A summary of a consumer's shopping behavior does not address creditworthiness directly, as it pertains more to purchasing habits than to financial credibility or history. Similarly, a document containing financial advice does not constitute a consumer report, as it lacks the requisite detail about the individual's credit and financial behavior that would inform external decision-makers.