“Free” Credit Reports now free of charge
CNN 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.
The website, www.annualcrditreport.com 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.