Colorful story (4)
I believe the answer is:
tale
'colorful story' is the definition.
(I've seen this in another clue)
This is all the clue.
(Other definitions for tale that I've seen before include "Old wives' recital?" , "Yarn or story" , "Story or anecdote" , "A story, perhaps out of school" , "Shakespeare play: 'The Winter's . . . .'" .)