Terms Used In Michigan Laws 445.2525

  • Consumer: means an individual who resides in this state. See Michigan Laws 445.2512
  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • Credit report: means any written, oral, or other communication of any information by a consumer reporting agency that is related to a consumer's creditworthiness, credit standing, or credit capacity, and is issued or expected to be used or collected in whole or in part for the purpose of serving as a factor in establishing the consumer's eligibility for credit. See Michigan Laws 445.2512
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Security freeze: means a restriction placed on a consumer's credit report at the request of the consumer that prohibits a consumer reporting agency from releasing the consumer's credit report or any information derived from the consumer's credit report without the express authorization of or on behalf of the consumer. See Michigan Laws 445.2512
  If, in connection with an application for credit or for any other use, a person requests access to a consumer‘s credit report while a security freeze is in place and the consumer does not authorize access to the consumer’s credit report, the person may treat the application as incomplete.