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Credit Report News, Tips & Advice « Credit Reports > Credit Report News > Free Credit Reports to be monitored by new laws

Free Credit Reports to be monitored by new laws

By Faye Mergel
Published: Sunday, May 9th, 2010

AGERM-00095993-001The website, came into existence to provide consumers with free of cost credit reports on an annual basis in order for consumers to have prior knowledge of their credit reports and credit scores. The site however has been plagued with advertisements by Credit companies for credit reports and other services. The offers are initially under a trial period, and consumers are sometimes are expected to pin in their credit card numbers for the other services the site offers. Consumers who are in need of loans for various reasons apply for these reports so as to obtain prior knowledge of their credit reports which are in most cases the deciding factors for money lenders and banks while giving loans to customers.

Marketers in most cases provide the required information for cancellation of services and for money returns in case of errors. After the avalanche of complaints about errors and frauds against companies by consumers the government has taken steps to prevent any further damage caused by Credit companies.

The CARD Act of 2009, expects sites to mention that consumers can avail free of charge credit reports which are government approved, by calling the government helpline or by visiting government run websites. Links to the FTC and to annual credit report website must be displayed in all websites marketing credit reports. Companies are to not display advertisements for offers and services they provide, on the annual credit report site, until after consumers choose and pay for the services they want

Starting 1st September Companies broadcasting their advertisements on TV and other mass media are required to show warning labels during the advertisements.

No Free Credit Scores

FACTA offers consumers with free viewing of their credit reports. The credit scores offered by FICO is gaining public interest as it calculates the information in the consumer’s credit report to give numeric scores which make it easier for consumers to comprehend. Credit scores are not available free of charge.

Consumers opt for service where they are constantly updated about their credit reports through phone calls and other modes of communication. Some consumers require credit reports more than the already offered free reports and a good credit report, to suit every ones specific need can be obtained with monitoring plans.

Preventing Fraud

Credit Monitoring Services are not all bad, as they can help monitor, maintain and personalize your credit reports and give consumers the opportunity to choose from various other services which maybe useful.

When getting credit reports, consumers must keep in mind that annual credit report is the only site which offers credit report with no hidden services. Consumers must read between the lines to be aware of the price and the time period of the offer. Reading the offer document is essential and consumers must be aware of deadlines and payment schemes and cancellation deadlines. Fraud can be prevented by dealing with reputed Credit Bureaus. Using credit cards, updates your credit report hence keep consumers updated about its status and prevent fraud which debit cards face. Thus consumers have to worry less about their credit report and about keeping a close eye on it.

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