Alert April 03, 2012

CFPB Raises Ceiling of Allowable Charges Under FCRA

The CFPB raised the ceiling of allowable charges under Section 612(f) of the Fair Credit Reporting Act, which permits consumer reporting agencies to charge consumers a reasonable amount for making disclosures such as all the information in the consumer’s file and the source of the information.  Effective April 3, 2012, the ceiling is $11.50 (raised from $11.00) for the amount a consumer reporting agency may charge a consumer for making a required disclosure to the consumer.  The CFPB is required to increase the ceiling of allowable charges under FCRA each year based on the proportionality of changes in the Consumer Price Index.

Click here for the related notice.