WASHINGTON—The CFPB has raised the ceiling for allowable charges under the Fair Credit Reporting Act (FCRA) in 2023.
That threshold dictates what consumer reporting agencies are allowed to charge consumers who request their information file after their guaranteed free file disclosure in a 12-month period, NAFCU noted.
The maximum allowable charge for the coming year is up $1 to $14.50.
The Bureau has not yet released its annual changes to asset-size exemption thresholds under the Home Mortgage Disclosure Act and Regulation Z.
NAFCU reminded the CFPB also recently released a Supervisory Highlights report that revealed several consumer reporting companies (CRCs) violated the FCRA by failing to address complaints and inaccuracies on consumers’ credit reports.
The FCRA requires nationwide CRCs to review consumer complaints to make sure all legal obligations have been met and then reported.
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