The CFPB announced last week that allowable charges under the Fair Credit Reporting Act will remain unchanged at $11.50 for 2014.
Under the FCRA, consumers are entitled to receive a free credit report every year. A consumer credit reporting agency may, after the consumer receives their free annual credit report, charge the consumer for additional disclosures related to their credit file.
On Jan. 1 of each year, the CFPB is required to increase the $8 ceiling set in Section 612 of the FCRA based on changes in the Consumer Price Index for All Urban Consumers, rounded to the nearest 50 cents.
Between September 1997—when the FCRA amendments took effect—and September 2013, the CPI-U rose 45.25 percent, resulting in no change in the maximum allowable charge of $11.50. An increase of 45.25 percent in the $8 base figure leads to a figure of $11.62, but because the law requires that the resulting figure be rounded to the nearest 50 cents, the maximum charge will remain at $11.50.