The ceiling on allowable charges will rise to $14.50 next year under the Fair Credit Reporting Act (FCRA), the federal consumer financial protection agency said Tuesday.
The new rate takes effect Jan. 1.
Under the FCRA, the Consumer Financial Protection Bureau (CFPB) sets the maximum allowable consumer credit report fee each year. The ceiling for 2022, set about a year ago, was set at $13.50, a 50-cent increase from the previous year. The 2023 ceiling will be a dollar more than 2022.
FCRA requires that a nationwide consumer reporting agency provide one file disclosure to a consumer, upon request, every 12 months; it provides for other no-cost disclosures under certain circumstances, according to the bureau. Where a fee is permitted, however, and under the recent adjustment, it may not be greater than $14.50.
The action by the bureau amends an appendix to CFPB’s Regulation V, which implements FCRA.