Section 612 of the Fair Credit Reporting Act (“FCRA”) provides consumers with the opportunity for a free disclosure of their file, with certain exceptions, during any 12-month period.  For file disclosures for which the FCRA allows consumer reporting agencies to charge, the statute sets the price of these disclosures at $8, subject to a yearly change based on the Consumer Price Index.  On November 20, the Consumer Financial Protection Bureau announced the CPI-adjusted fee consumer reporting agencies will be allowed to charge for a file disclosure will remain unchanged at $12.

According to the CFPB, the relevant CPI measure increased 47.61% between September 1997, when the fee provision took effect, and September 2015.  This increase resulted in the current $12 maximum charge, rounded to the nearest $0.50.  The maximum charge will remain $12 until the CFPB revisits it in January 2017.

Troutman Sanders’ attorneys are nationally recognized experts in the FCRA, consumer class actions, and CFPB enforcement proceedings.  We will continue to follow developments in the FCRA, including administrative guidance, and update the Consumer Financial Services Law Monitor accordingly.