The Consumer Financial Protection Bureau will review the disclosure fees a credit reporting agency can charge in the new year. For now, here’s where they stand.
10/06/2023 1:35 P.M.
1 minute read
Each year, the Consumer Financial Protection Bureau is required to calculate the maximum allowable charge for disclosures by a credit reporting agency (CRA)—meaning the review for 2024 is coming soon.
Under the Fair Credit Reporting Act, a CRA must disclose a consumer’s credit file at their request, at no charge, once every 12 months. This includes the three national CRAs, Equifax, Experian and TransUnion, and nationwide specialty CRAs, according to the Federal Register.
Consumers are also entitled to a free credit report under certain, specified circumstances. When a consumer does not qualify for a free credit report, a CRA may impose a reasonable charge.
The charge is reviewed annually by the CFPB on Jan. 1 based on changes in the Consumer Price Index, according to the Federal Register.
For the remainder of 2023, the charge is $14.50, which is a $1 increase from 2022.
From 2019 to 2020, the charge was $12.50 and did not change. It increased to $13 for 2021, and $13.50 for 2022.
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