Alert January 10, 2013

Ceiling for Allowable Charges under the FCRA Will Remain Unchanged

The CFPB announced that the ceiling on allowable charges under Section 612(f) of the Fair Credit Reporting Act will remain unchanged at $11.50 for 2013. The FCRA requires consumer reporting agencies, upon request from a consumer, to disclose, among other things, certain information contained in the consumer’s file, source of the information and inquiries on the consumer’s file. Section 612(f) of the FCRA allows a consumer reporting agency to charge consumers a reasonable amount for making this disclosure to the consumer. The FCRA also requires the CFPB to increase the amount of allowable charges each year based on the Consumer Price Index.