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April 03, 2012

Allowable credit report fee to $11.50

April 4, 2012 – Credit unions may want to let their members know that the fee a credit reporting agency can charge for providing a person their credit report after the first free copy can be as much as $11.50 this year.

This fee is governed by the Fair Credit Reporting Act, and authority for carrying out the act's provisions transferred from the Federal Trade Commission to the Consumer Financial Protection Bureau late last year.

(NAFCU's regulatory compliance staff point out that thischange does not affect the fee credit unions can chargemembers to pull and review credit reports;credit unions are not credit reporting agencies.)

The CFPB issued the notice of the fee change – the fee is up 50 cents this year from last, effective this Monday – and that notice was carried in Tuesday's Federal Register.

In 2003, the FCRA was revised by the Fair and Accurate Credit Transactions Act to give consumers the right to request one free annual disclosure from each of the three national credit reporting agencies. The fee is evaluated and adjusted yearly according to changes in the Consumer Price Index.

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