Low Interest Credit Cards

Websites offering free credit reports can no longer enroll people in their schemes under false pretences. Now websites are required to give more clarity to consumers by the law.

Credit Bureaus now are compelled by the law to show a warning tag stating that the free credit report which consumers are entitled to by law is not the same free credit report marketed by the company, under the new CARD Act of 2009.

According to The Federal Trade Commission, free credit reports are available only at www.annualcreditreport.com and consumers can receive one free credit report per year from all of the three major bureaus, Experian, Equifax and TransUnion.

“Consumers will think they’re getting a report under the law, but will unknowingly get credit monitoring and other services they didn’t ask for and then be charged fees for them.” said Tiffany George, an attorney for FTC

Consumer woes

Consumer complaints stocked up as thousands of consumers were unaware of their scheme or the service they had been enrolled for after expecting just free credit reports. Many co

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Free credit reports might actually be effective after the coming Friday. The commission for federal trade decided to reduce advertisements that were misleading and made it a compulsory requirement for the companies that do offer free reports to state that there is just one site to get them.

These rules being new were looked upon after last years reform bill for credit cards. This is now targeted at advertisements online, the TV and radios. Many consumers were deceived into paying unnecessary prices that they didn’t even know about. Some people wonder why they pay costs even though they are offered free reports .

It is usually because they didn’t sign out of their trial membership or didn’t read the print wisely.

According to the federal law that was stated in 2003, the consumers should receive at least one credit report for free from the three agencies-Transunion, Equifax and Experian. The r

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A federal disclosure is being skirted on as a compulsory requirement by those companies that offer credit reports for free. This disclosure is to bring down the advertisements that mislead customers into believing false information.

This requirement states that the companies that sell monitoring of credit tagging along a free credit report must clearly inform customers about the authorized government website called annualcreditreport.com which gives an absolutely free credit report to the customers.

This requirement was made compulsory from February. The actual effect of this disclosure took place on Friday for advertising on the web, direct mail, print and telemarketing.

Several companies changed their marketing strategies instead of making a new disclosure.

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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.

Marketers in most cases provide the required information for cancellation of services and for money returns in case of errors.

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