No changes planned for FCRA allowable charges of $12

Allowable charges will remain unchanged at $12 under the Fair Credit Reporting Act (FCRA), according to a notice set to published Thursday in the Federal Register by the Consumer Financial Protection Bureau (CFPB). The rate will be effective Jan. 1.

According to the bureau, it is required to consider an increase in the amount of the charges, set at $8 by the FCRA, on Jan. 1 of each year. The increase, under FCRA, is based proportionally on changes in the “Consumer Price Index for All Urban Consumers” (CPI-U), with fractional changes rounded to the nearest 50 cents.

According the bureau, the CPI-U increased 53.11% 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,” the agency said it its notice

Notice: Allowable charges under FCRA

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