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The most recent edition of the InfoSight newsletter mentions the CFPB’s announcement that the ceiling for 2020 on allowable charges that a consumer reporting agency can impose for providing a disclosure to a consumer will remain unchanged at $12.50.
Section 612(f)(1)(A) of the Fair Credit Reporting Act (FCRA) provides that a consumer reporting agency may charge a consumer a reasonable amount for making a disclosure to the consumer pursuant to section 609 of the FCRA. Section 612(f)(1)(A) of the FCRA further provides that, where a consumer reporting agency is permitted to impose a reasonable charge on a consumer for making a disclosure to the consumer pursuant to section 609 of the FCRA, the charge shall not exceed $8 and shall be indicated to the consumer before making the disclosure.
Section 612(f)(2) of the FCRA states that the bureau shall increase the $8.00 maximum amount on Jan. 1 of each year, based proportionally on changes in the Consumer Price Index, with fractional changes rounded to the nearest fifty cents. The bureau’s calculations are based on the CPI-U, which is the most general Consumer Price Index and covers all urban consumers and all items.
Read the full InfoSight newsletter here.
