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Credit report charges make credit bureaus in violation??


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I found this interesting, reading the FCRA over today...

SECTION 612

1681j. Charges for certain disclosures

(a)[TAB]Reasonable charges allowed for certain disclosures.

(1) In general. Except as provided in subsections (B), ©, and (d), a consumer reporting agency may impose a reasonable charge on a consumer

(A) for making a disclosure to the consumer pursuant to section 609, which charge

(i) shall not exceed $8; and

(ii) shall be indicated to the consumer before making the disclosure; and

So does that mean that the credit bureaus are in violation for charging more than $8????? Don't all of them charge about $9?

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This was a tough one Kristy. I thought you were really onto something here. I found out though that under the 1996 amendments to the FCRA, the Federal Trade Commission is required to increase the $ 8.00 amount referred to in paragraph (1)(A)(i) of Section 612(a) on January 1 of each year, based on changes in the Consumer Price Index ("CPI"),rounded to the nearest fifty cents. They have done so at least twice. See 66 Federal Register 63,545.

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