Archive for the ‘credit’ Category
FTC To Crack Down On Free Credit Reports
March 2nd, 2010 | 
Author: Free may refer to:
- Adjective associated with freedom
- Adjective describing something given or supplied without payment (gratis)
- Gratis versus Libre, the distinction between the two meanings above
The Federal Trade Commission is cracking down on the “Free” credit report industry which, despite their best attempts to have us believe otherwise, is not offering free credit reports. Yes, you might get a report that they do not charge you for, but you are still required to provide them with your credit card information so that, in many cases, they can bill you for credit monitoring services.
As I have said before, I am not against credit monitoring, and in some cases, have actually encouraged my clients to sign up for it. Just not with the companies who are trying to be tricky. By gosh, just come out and say “For the low price of just $14.95 a month, we will monitor your credit file for unusual activity, notify you whenever your credit file is accessed or a new tradeline was added, and let you pull a new score everyday so that you can see how your creditor’s reporting affects your score”. Heck, I’m in!
Anyway, now the sites will have to contain disclosures that the only FREE credit report is at www.annualcreditreport.com and is overseen by the FTC.
I can’t wait to see that goofus on TV wearing the pirate costume singing about free annual credit report dot com. I hope he has some good music for…
THIS NOTICE IS REQUIRED BY LAW. Read more at FTC.GOV.
You have the right to a free credit report from AnnualCreditReport.com
or 877-322-8228, the ONLY authorized source under federal law.
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