Credit Report News, Tips & Advice
Website CertifiedPrivacy Protected

“Free” Credit Reports now free of charge

By Faye Mergel
Published: Friday, May 7th, 2010

AGERM-00080916-001CNN New York states that most of the amendments according to the CARD Act (Credit Card Accountability Responsibility and Disclosure Act) of 2009 were implemented in Feb and the new changes made to the Act will be put to the test starting 2nd April.

Credit Bureaus marketing free credit reports are now ordered by the law to give consumers clarity, to ensure consumers are aware that the credit reports from these companies are not free of charge. The consumers must also be aware of the services they are enlisted into.

RADIO and TV credit bureau advertisements are also expected to show warning labels in their advertisements stating the difference between the credit report the company is offering and the credit reports the government is offering, starting September. Starting April credit bureau companies have to change their advertising strategies in order to be permitted to advertise their products without friction from the law.

Consumers in most cases are unaware that they can get free of charge Credit Reports annually from the government approved www.annualcreditreport.com. Most consumers buy “Free” credit reports from other websites and are charged a yearly $15. These consumers after failing to cancel the free trial are enrolled into services they did not apply for. The phrase “The notice is required by law and you can read more at FTC.gov. Also: You have the right to a free credit report from annualcreditreport.com, or by calling 877-322-8228, the only authorized source under federal law.” is to be on all advertisements as per the new CARD Act.

Importance of Credit Scores

To improve the status of your credit scores, utilize less than 10 percent of your overall credit margin. This keeps your credit prices message confirmation every time your credit card has been charged to keep consumers in the loop and to prevent fraud.

In many cases fine prints in agreement forms from your credit card companies have hidden offers which consumers fail to notice and are enrolled into services they do not require.

Maintaining a good credit reports is essential and should be top priority as a bad credit report affect a person’s ability to avail loans for home, car, personal and business related reasons. Under US laws every person is given free of charge credit reports from the three major bureaus, TransUnion, Equifax and Experian at AnnualCreditReport.com on a yearly basis.

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.