FCRA File Disclosures to Consumers – Fees

Every year the federal government is mandated to consider whether to raise the ceiling on allowable charges under section 612(f) of the Fair Credit Reporting Act (“FCRA”) with respect to what a consumer can be charged for certain file disclosures by a consumer reporting agency (“CRA”).  The task was previously handled by the Federal Trade Commission (“FTC”).  It is now handled by the Consumer Financial Protection Bureau (“CFPB”) when that responsibility was transferred from the FTC to the CFPB pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The fee originally started at $8.00 in 1997 and over the years has inched upward.  Every January 1stthe CFPB is required to consider whether and how much to increase the $8.00 amount referred to in section 612(f)(1)(A)(i) of the FCRA.  After crunching the numbers, the fee remains the same as last year — $11.50.  This is what CRAs may charge a consumer for a file disclosure under section 609 of the FCRA.  Note … [Read more...]