Mortgages Analyzed
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Other Guidance
Fair Credit Reporting Act Disclosures
 
 
Document Citation:
82 FR 53481
Type:
Notice
Type Detail:
Other Guidance
Publish Date:
Nov 16, 2017
Effective Date:
Jan 01, 2018
Source:
Source    Source
Document Citation:
82 FR 53481
Type:
Notice
Type Detail:
Other Guidance
Publish Date:
Nov 16, 2017
Effective Date:
Jan 01, 2018
Source:
Source    Source
 

The Bureau of Consumer Financial Protection (Bureau) announces that the ceiling on allowable charges under the Fair Credit Reporting Act (FCRA) will remain unchanged at $12.00, effective for 2018.

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 $8.00 and shall be indicated to the consumer before making the disclosure.

The Bureau is required to increase the $8.00 amount referred to in the FCRA 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 53.11 percent between September 1997, when the FCRA amendments took effect, and September 2017. 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.

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