@DRudd13 Unfortunately probably not much, I can't speak for CM/EA's exact process but generally it would go something like this.
As is the case with most games a player usually needs to accrue a large number of reports over a fairly short period of time before developers will investigate or take action. The reason for this is to avoid "false positives" so to speak.
Example: My dog jumps into my lap while I'm racing wheel to wheel with you so I crash into you, so you report me. Annoying? Yes! But do I really deserve to be punished? No!
Example 2: You and I have a clean race, but you beat me fair and square. Sadly, I was already having a bad day, so I report you for cheating because it makes me feel better about myself.
TLDR: one or two reports will barely even register in the system, there generally needs to be a clear pattern of repetitive cheating, griefing, abusive behavior, etc. and then the system flags the player to be reviewed by a game admin for potential corrective action.
