Written By ESR News Blog Editor Thomas Ahearn

In November of 2021, the Consumer Financial Protection Bureau (CFPB) announced in a rule published in the Federal Register that the ceiling on allowable charges under the federal Fair Credit Reporting Act (FCRA) will increase from $13.00 to $13.50 on January 1, 2022, according to the announcement from the CFPB.

Under Section 612(f)(1)(A) of the FCRA, a consumer reporting agency (CRA) is permitted to charge a consumer a reasonable amount 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.

Under Section 612(f)(2) of the FCRA, the CFPB shall increase the $8.00 maximum amount on January 1 of each year, based proportionally on changes in the Consumer Price Index (CPI), with fractional changes rounded to the nearest fifty cents. The calculations are based on the CPI-U, which covers all urban consumers and all items.

Between September 1997 and September 2021, the CPI-U increased by 70.168 percent from an index value of 161.2 in September 1997 to a value of 274.31 in September 2021. An increase of 70.168 percent in the $8.00 base figure led to a figure of $13.61, which was rounded to the nearest $0.50, making the maximum charge $13.50.

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