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Friday, November 20, 2015

CFPB: Allowable Credit Report Fee Remains Unchanged

The CFPB announced that the ceiling on the allowable fee for providing a credit report to a consumer will remain unchanged at $12.00, effective for 2016.

The CFPB is required to increase the $8.00 amount on January 1 of each year, based proportionally on changes in the Consumer Price Index for All Urban Consumers (CPI-U), with fractional changes rounded to the nearest fifty cents.

The CPI-U increased 47.61% between September 1997, when the FCRA amendments took effect, and September 2015. This increase in the CPI-U, and the requirement that any increase be rounded to the nearest fifty cents, result in a maximum allowable charge of $12.00.

Read more.
Read the Fair Credit Reporting Act (FCRA).

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