SCHUMER UNVEILS NEW PLAN TO MAKE CREDIT REPORTING COMPANIES ADVERTISING 'FREE' CREDIT REPORTS ACTUALLY GIVE YOU A CREDIT REPORT FOR FREE - BUST UP SCAM ONCE AND FOR ALL
November 03, 2009

Credit Reporting Companies Bombard NY'ers With Ads Offering to Give a You Free Credit Report But Actually Make You Sign up for a Costly Monthly Subscription

Schumer Plan Would Require Companies that Offer Free Credit Reports to Show Reports BEFORE They Take Credit Card Information So Consumers Don't Buy a Subscription to Their Service

Companies Make Millions Even Though Gov't Provides Credit Reports Free to Everyone -- Companies Would Be Required to Disclose in TV Ads that Gov't Already Requires a Credit Report be Provided for Free, Same As They Have to Online and in Print

Today, U.S. Senator Charles E. Schumer announced he is urging the Federal Trade Commission to bust up the long-running scam of credit reporting companies duping millions of New Yorkers into buying credit monitoring services by offering a so-called “free credit report” and then tacking on a costly monthly subscriptions charge that can cost hundreds of dollars a year. Schumer today said that his plan would require any company that purports to offer a free credit report to disclose that consumers do not have to pay for their services in order to get a free credit report and disclose in their advertising that consumers are entitled to a free credit report from the government once a year. In addition, Schumer’s plan would require these companies, when someone requests their free report, to show that report on the computer screen before the customer provides their credit card information, that way the consumer has the choice of subscribing for year round credit monitoring. Nine million people spend a total of $650 million to $700 million annually on the services, according to Carter Malloy, a Stephens Inc. analyst.
Continue reading

Veterans Assistance
Help for those who have served
our nation