The Federal Trade Commission has lowered the maximum a consumer can be charged for an extra credit report, from $11 to $10.50, effective Jan. 1.
The $10.50 charge applies when a consumer, who has already received a free annual credit report, does not otherwise qualify for an additional free report.
Consumers are entitled to request from each of the nationwide consumer reporting companies – Equifax, Experian and TransUnion – one free credit report every 12 months. They can do so at http://annualcreditreport.com/.
Under the Fair Credit Reporting Act, the FTC is required each year to revise the cap based on the change in the Consumer Price Index.
Consumers are also entitled to a free report “when a company takes adverse action against them (such as denying an application for credit, insurance, or employment) within 60 days of receiving notice of the action,” the FTC said.
Moreover, they are also 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.”
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