Government Launching Attack On “Free” Credit Report Sites

November 3, 2009

U.S. (ChattahBox) – Who hasn’t seem the commercials for Freecreditreport.com? But those lovable singers are representing a website that the government says is deliberately misleading consumers.

The problem is that you get a free credit report (minus the credit score) using this site. Then, you are automatically charged $14.95 per month to get their reporting service, which is nothing more than an alert whenever someone searches your credit history.

This is all in addition to the fact that every American is already entitled to a free annual credit report, which you can get at annualcreditreport.com.

There is no reason to get these services, and nothing can truly be benefited by checking your credit score daily. In fact, once every four months is usually enough, or less.

So, the federal government has started their own, counter-commercials. According to their own band of singing fellas:

“Other sites may turn your head; they say they’re free, don’t be misled. Once you’re in their tangled web, they’ll sell you something else instead.”

Source


Comments

8 Responses to “Government Launching Attack On “Free” Credit Report Sites”

  1. Credit Score - Opting out of APR increase doesn’t have to impact your credit - CreditCards.com on November 3rd, 2009 1:36 pm

    […] Government Launching Attack On “Free” Credit Report Sites – Chattahbox.comU.S. (ChattahBox) – Who hasn’t seem the commercials for Freecreditreport.com? But those lovable singers are representing a website that the government says is deliberately misleading consumers. The problem is that you get a free credit report […]

  2. Old Man Dotes on November 3rd, 2009 2:18 pm

    I live by a simple rule: All advertising is lies. If you see it on TV, you’re being lied to.

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  6. Credit Score - Before Choosing A Credit Card - KCCI.com on November 3rd, 2009 8:58 pm

    […] Government Launching Attack On “Free” Credit Report Sites – Chattahbox.comU.S. (ChattahBox) – Who hasn’t seem the commercials for Freecreditreport.com? But those lovable singers are representing a website that the government says is deliberately misleading consumers. The problem is that you get a free credit report […]

  7. Frank Fitton on November 4th, 2009 2:46 pm

    Can you really fault people though for offering a service that might not exactly be necessary? A whole lot of the services that people pay for might not exactly be vital, but they are after all services. If people want to pay for them then they have that right. That’s really the basis for our whole free enterprise system.

    What I really think is happening here is that the government is kicking itself by getting outdone by someone with a better idea. freecreditreport.com is certainly more catchy and memorable than annualcreditreport.com, that probably is indeed responsible for some people not getting to the site they intended too. However, I don’t think that’s reason enough to go after the people.

    What it basically comes down to in my opinion is how smart do you think the average consumer is. For someone to pluck down their credit card number for something and not read exactly what their getting into, is just plain idiotic in my opinion. Do we have to constantly provide safeguards to protect people from their own stupidity. I sure hope not. Credit monitoring is a service that these companies are providing, it is something that some people might like and find useful. Its not wrong to try and lure some people into it by offering them a little free incentive to try it out. It really is just Capitalism at its finest.

    Check out my blog on whether or not the free credit report ads are misleading at… http://www.thedebtgazette.com/2009/11/are-free-credit-report-ads-misleading/

  8. Ashley on November 4th, 2009 5:10 pm

    Instead of pointing fingers, it seems the FTC needs to learn how to be more effective in marketing their own products.

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