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Jul 2, 2009 9:20 pm US/Central
Consumers Burned By 'Free' Credit Report Websites
SAN FRANCISCO (CBS) ―
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The FTC says to get a truly free report and avoid problems such as Kristine's, consumers should go to the FTC sponsored website at http://annualcreditreport.com.
CBS
There are Web sites all over the Internet promising free credit reports. Kristine Lee knew she was entitled to one free report a year so she picked the first Web site that popped up on Google, Freecreditreport.com. Kristine was surprised when she received her credit card statement a couple of weeks later, CBS station KPIX-TV reported.
"I saw a bill for 14.95 from a company called Triple Advantage, and I thought what is Triple Advantage?" said Kristine.
David Newman of the Federal Trade Commission said that Kristine did what many people have mistakenly done and that is to sign up for a credit monitoring service that sends you a credit report every month for a fee.
"It will continue and continue and continue until you cancel it," said Newman.
He said the marketing tactic is legal and not considered deceptive as long as the Web site discloses what the consumer is buying in a clear and conspicuous manner.
Although Freecreditreport.com does disclose this on its homepage, the Better Business Bureau reports thousands of complaints from consumers. The BBB also reports the company does respond and resolves consumer complaints.
The FTC says to get a truly free report and avoid problems such as Kristine's, consumers should go to the FTC sponsored website at
http://annualcreditreport.com
The FTC said if consumers are asked for their credit card, that's a red flag.
"You have to assume that if you are giving them your credit card you are paying for something," said Newman.
Kristine realized she was charged because she missed the 9-day cancellation window. But she did manage to get her money back through her credit card company.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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