Credit Score News, Tips & Advice
Website CertifiedPrivacy Protected
Credit Score News, Tips & Advice « Credit Scores > Credit Score News > FTC To Implement A New Credit Score Report Procedures

FTC To Implement A New Credit Score Report Procedures

By Sally Maison
Published: Friday, April 16th, 2010

GOGORF-00005738-001An easy access to your credit score, FICO score, summary of your account, aide when dispute arises and ID theft monitoring; these are the coverage of the talked about credit report service which would cost a person a monthly charge but these information could actually be gotten for free.

The World Wide Web is the place for everything and there are a lot of sites which offer free credit score reports but a lot of them also do have hidden agenda. The free service that they offer is actually tied up with a product which are also said to be free but more often than not just for seven days. When a costumer or consumer fails to cancel the free service before the seventh day comes, the supposed said product and service are being activated and charged a monthly fee which ranges from $15 to $35. This setup had raged the mislead public with the confusing advertisements on the web on where they could have a free credit score report.

Every consumer has the legal right to have an access of his credit report once a year for free and part of that legal right is the right to dispute for any found errors on the report. The CARD 2009 or the Federal Trade Commission has amended the Free Credit Report Rule which requires all companies that issue free credit report advertisements to disclose fully to their customers that the reports they give are not the free annually federal mandated reports.  

The following are the new rules from the new legislation:

  • The three major credit bureaus can’t advertise for other products and services through Annual Credit Report until after a consumer has received his or her free credit report.
  • As of July 1, 2010, companies that report information to the three major credit bureaus must improve the accuracy of their information. Consumers have the right to dispute errors on their report directly with the companies that are supplying the information to the bureaus. (Disputes should be done in writing, not over the phone.)
  • As of January, 2011, creditors must notify consumers if their credit report status has caused a negative change in interest rate terms relative to other customers. Or if the creditors don’t want to issue updates of negative credit report information to specific customers they can elect to provide a free credit score and information regarding the score to ALL of their customers.

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.