The Federal Trade Commission has approved the publication of a Federal Register notice announcing that the ceiling on allowable charges under Section 612(f) of the Fair Credit Reporting Act (FCRA) will increase from $10.50 to $11.00, effective January 1, 2009. Under 1996 amendments to the FCRA, the FTC is required to revise the ceiling each year, based on the Consumer Price Index, rounded to the nearest fifty cents.
During this time of economic distress, the FTC reminds consumers that this charge does not apply to consumers’ requests for free annual disclosures under Section 211(a)(2) of the Fair and Accurate Credit Transactions Act of 2003. The charge applies when a consumer who has received a free annual disclosure does not otherwise qualify for an additional free disclosure.
Under federal law, consumers are entitled to a free copy of their credit report from each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion —once every 12 months. For details, see “Your Access to Free Credit Reports” at ftc.gov/credit. Consumers also are entitled to a free report if a company takes adverse action against them (such as denying an application for credit, insurance, or employment) and consumers request their report within 60 days of receiving notice of the action. In addition, consumers are entitled to one free report a year if they are unemployed and plan to look for a job within 60 days; they are on welfare; or their report is inaccurate because of fraud, including identity theft.
The Commission vote to publish the notice in the Federal Register was 4-0. (File No. P075400; staff contact is Keith B. Anderson, Bureau of Economics, 202-326-3428.)
(FTC File No. P075400)