Credit Agency Fined A Second Time For Misleading People About Free Credit Reports
from the and-don't-let-it-happen-again dept
A few years back it was discovered that most of those sites advertising "free credit reports" were something of a scam. While many of them were run by the various credit agencies, they weren't the official AnnualCreditReport.com site, but rather tricks to get people to sign up for fee-based credit monitoring reports. Eventually, the FTC cracked down, fining Experian $950,000 for misleading the public. Apparently, though, the business generated by such practices was worth a lot more than that. It appears that Experian simply took the fine to be a cost of doing business for their Consumerinfo.com site, and have continued misleading people into signing up for a "free" credit report, and then quietly enrolling them in an $80 credit-monitoring program. So, now the FTC is back fining the company a second time, this time for $300,000. Given that the larger fine didn't get the company to mend its ways, somehow it makes you wonder if this new fine will be any more effective. It certainly does seem to be a conflict of interest to let these credit reporting companies charge you to alert you to whenever they might make a mistake. Of course, the credit agencies don't see it that way. Soon after this practice was originally outed, Experian competitor Equifax's CEO stated that it was "un-American" to let people view the information that these companies had about them for free.
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freecreditreport.com
Another peeve of mine is this place freecreditreport.com. Since when does "free" = $15? They have this catchy tune which I like to mangle. "At free cre-dit-re-port-dot-com your cre-dit-report's-not-free". You see it isn't really false advertising. You are paying $15 for something called a "free credit report".
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response to free my shiny metal - AnnualCreditRepo
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Re:
You are also correct on the "makes no sense part" but it's not a fault with the post, it's with the FCC.
Imagine a world where fines went down each time you were fined. My speeding tickets would be a free oil change by now. :-P
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Even more revealing. . .
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Stiffer Penalty
What we need is a return to the old days when they would tar and feather the snake oil salesmen and run them out of town on a rail.
The penalty needs more impact. So how about putting the execs in jail for 6 months to a year in a hardcore prison so they can learn a lesson on being a con's girlfriend. Add a fine equivalent to the cost of their and their "boyfriend"'s upkeep in jail.
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Re: Stiffer Penalty
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A Proper Punishment
Going forward, all credit report ads and all credit bureau web sites should be required to have a live link to http://annualcreditreport.com at the top of the page,
in a font that's easily read, not something that can be buried at the bottom of the page.
Obtaining a free report was a major win for consumers and these bozos are tricking far too many people into spending money for what is rightfully free.
Credit bureaus are in desperate need of tighter regulation, and, being very much pro-business, it's not easy for me to state that. But, the power they have over the lives of consumers and the apparent lack of due diligence they exhibit in maintaining accurate data makes me agree to a much tighter regulatory environment for this industry.
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Re: A Proper Punishment
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Plus, the free credit score hype is just a way for the companies to run in your face how much credit card debt you have. Just like those commercials where you hear them saying they will save you money on your credit card using 'techniques the credit card companies don't want you to know', which is 180 degree misleading, as the credit card companies are the ones paying for that to attempt to collect debt.
Recent changes in bankruptcy law didn't fix much for them, people shrug and say 'oh well, I still can't pay it'.
Personally, I'm proud to say I've never had a real credit card, lol.
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Fine them again!
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Synergy
Just to keep it reasonable, I will only charge $10,000 per use for a non-exclusive license to use my IP on one machine for one user, and only $5,000 for each subsequent user.
I can join the MPAA and RIAA, and have them sue people world-wide, and get the FBI to raid the spammers.....
Sorry -- I was in an aleternate universe where "real people" actually have rights.
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Wamu
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My Experience...
One thing I do agree with is the comment about having the annualcreditreport.com link on the page and clearly explained that we get one free report from each agency per year. That is not clearly explained anywhere I have seen on freecreditreport.com. I have paid about $25 each time I want a full report from all three agencies.
Is it true that the report is free (1/year) but the score is not?
-jim d
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And as if that wasn't enough...
consumerinfo.com
creditexpert.com
experianconsumerdirect.com
exprpt.com
freecred italerts.com
freecreditreport.com
icreditreport.com
iplace.com
promisemark.com
qspace.com
webc reditreport.com
as a consequence.
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the scam works
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I think that the right to free annual credit reports from each of the three major reporting companies varies by state.
I live in NJ and it's the law here.
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"Am I entitled to a free credit report under state law?
In addition to consumers who are eligible for a free credit report through the Annual Credit Report Request Service; consumers in some states are eligible for a free credit report under state law. The following states have laws that make free credit reports available to consumers: Colorado, Georgia, Maine, Maryland, Massachusetts, New Jersey and Vermont."
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Credit reports for free- UN American
Most people don't realize this. The credit reporting industry is filled with blue suede shoe boys and needs to be selling junk used cars rather than dealing with the hard working people of America's lives.
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Hey, maybe there should be some sort of law restricting someone's ability to use the name of your company if it sounds too similar ...
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The Credit Bureaus Are Deadbeats!
I shudder to think that they are in charge of managing my credit history and are allowed free reign to do this year after year, no matter HOW MANY people complain. I think I'm going to write my State Sentor.
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Should have read this review first...
Account cancellation took three tries to their customer service line (1-877-481-6826) ... and I'm still not certain the account is closed.
First try: Pressed "1" for cancellation, on hold for a minute, received a "call cannot be completed as dialed" message.
Second try: Pressed "3" for customer service, then "2" to speak to a representative. Received a busy signal.
Third try: Pressed "1" for cancellation (had to give it another try - this was my due diligence before calling my credit card issuer to charge back the subscription fee) and actually spoke to a rep.
Problems with the conversation: Rep wanted my full social security number to confirm my identity (while I do not doubt that this information was readily available on her computer, I try to avoid tossing around my full social security number in situations which may facilitate it being written down).
Rep was either unwilling or unable to provide a confirmation number for the call - I have no "proof" that I canceled and am left waiting for an e-mail which confirms my account cancellation.
FreeCreditReport.com - Stay far, far away.
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freecreditreport.com
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freecreditreport.com
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Total Scam, never ending!
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Credit companies right to do anything
Get rid of your credit cards, drive your car for a few more years, and guess what ----- they aren't shit. I don't care if they give me a 500 score - it's irrelevant.
Signed, Don't Care
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credit disclosure scam
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credit disclosure scam
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