OCC / FCRA – 35. Can the bank charge the consumer for making disclosures to him/her in connection with his/her file?

Compliance > FCRA
Q:  Can the bank charge the consumer for making disclosures to him/her in connection with his/her file?
 
A:  Yes, depending on the time when the consumer requests information about his/her file. If he/she makes the request either within 30 days after receiving notice that a user of a consumer report has denied or increased the charge for credit or insurance (or denied employment) on the basis of the report, or within 30 days of notification from a debt collection agency affiliated with the bank that the consumer’s credit rating may be, or has been, adversely affected, the information must be furnished free of charge. However, the bank may impose a reasonable charge for making disclosures to the consumer if the request is not made within the 30-day time limit and the bank notifies the customer of the charge before making disclosures (16 CFR 612).
 
 
This Q&A was obtained from the Comptroller’s Handbook on Fair Credit Reporting that may be found here:  https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/fair-credit-reporting/index-fair-credit-reporting.html
 

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