FTC Amends Free Credit Reports Rule To Help Consumers Steer Clear of ‘Free’ Offers that Cost Money

For Release: 2/23/2010
Federal Trade Commission

http://www.ftc.gov/opa/2010/02/facta.shtm

April 2010 companies offering free credit reports must notify consumers that they can go directly to the National outlet for free credit reports.

www.annualcreditreport.com

877-FACT-ACT or 877-322-8228,

The ONLY authorized source under federal law.

There are a good many companies misleading consumers into thinking they can obtain a free credit report through them, only to discover later that they were required to sign up for a 12 month credit monitoring service.

Consumers should know that if they discover they enrolled in a monitoring service, they can call the credit monitoring service and refuse service, to ask for a refund. The credit card will still be charged, but a refund will later be issued.

Also if a consumer wants their credit reports to include credit scoring, that does come at an additional cost.

Just be careful not to listen to the hype on television from companies claiming to provide free credit reports to consumers.

Tags: Credit, Credit Reporting Agencies, Credit Reports, Fair Credit Reporting Act