diff --git a/ChangeLog b/ChangeLog
index b1cdff2fd1..6cd34b1e63 100644
--- a/ChangeLog
+++ b/ChangeLog
@@ -4,7 +4,12 @@ Pylint's ChangeLog
 What's New in Pylint 1.8?
 =========================
 
-Release date: TBD
+    * Raise meaningful exception for invalid reporter class being selected
+
+      When unknown reporter class will be selected as Pylint reporter,
+      meaningful error message would be raised instead of bare ``ImportError``
+      or ``AttribueError`` related to module or reporter class being not found.
+      Close #1388
 
 
 What's New in Pylint 1.7.1?
diff --git a/doc/whatsnew/1.8.rst b/doc/whatsnew/1.8.rst
index 5300f4cb04..f696e20884 100644
--- a/doc/whatsnew/1.8.rst
+++ b/doc/whatsnew/1.8.rst
@@ -9,4 +9,5 @@
 Summary -- Release highlights
 =============================
 
-* None yet.
+* Raise meaningful exception in case of invalid reporter class (output format)
+  being selected.
diff --git a/pylint/exceptions.py b/pylint/exceptions.py
index 429379d97f..783c7e5c29 100644
--- a/pylint/exceptions.py
+++ b/pylint/exceptions.py
@@ -13,3 +13,6 @@ class UnknownMessageError(Exception):
 
 class EmptyReportError(Exception):
     """raised when a report is empty and so should not be displayed"""
+
+class InvalidReporterError(Exception):
+    """raised when selected reporter is invalid (e.g. not found)"""
diff --git a/pylint/lint.py b/pylint/lint.py
index 537d6f2503..dab057fce6 100644
--- a/pylint/lint.py
+++ b/pylint/lint.py
@@ -473,12 +473,20 @@ def _load_reporter(self):
         if name in self._reporters:
             self.set_reporter(self._reporters[name]())
         else:
-            qname = self._reporter_name
-            module = modutils.load_module_from_name(
-                modutils.get_module_part(qname))
-            class_name = qname.split('.')[-1]
-            reporter_class = getattr(module, class_name)
-            self.set_reporter(reporter_class())
+            try:
+                reporter_class = self._load_reporter_class()
+            except (ImportError, AttributeError):
+                raise exceptions.InvalidReporterError(name)
+            else:
+                self.set_reporter(reporter_class())
+
+    def _load_reporter_class(self):
+        qname = self._reporter_name
+        module = modutils.load_module_from_name(
+            modutils.get_module_part(qname))
+        class_name = qname.split('.')[-1]
+        reporter_class = getattr(module, class_name)
+        return reporter_class
 
     def set_reporter(self, reporter):
         """set the reporter used to display messages and reports"""
diff --git a/pylint/test/unittest_lint.py b/pylint/test/unittest_lint.py
index 690a19432c..a6e401cbba 100644
--- a/pylint/test/unittest_lint.py
+++ b/pylint/test/unittest_lint.py
@@ -28,6 +28,7 @@
 from pylint.reporters import text
 from pylint import checkers
 from pylint.checkers.utils import check_messages
+from pylint import exceptions
 from pylint import interfaces
 import pytest
 
@@ -390,6 +391,12 @@ def test_report_output_format_aliased(linter):
     assert linter.reporter.__class__.__name__ == 'TextReporter'
 
 
+def test_set_unsupported_reporter(linter):
+    text.register(linter)
+    with pytest.raises(exceptions.InvalidReporterError):
+        linter.set_option('output-format', 'missing.module.Class')
+
+
 def test_set_option_1(linter):
     linter.set_option('disable', 'C0111,W0234')
     assert not linter.is_message_enabled('C0111')