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Obama Lays Down the Law on Free Credit Report Ads

Obama Lays Down the Law on Free Credit Report Ads

The original jingles for FreeCreditReport.com couldn't save the website from getting scrutinized by the law. The credit card reform bill signals a score of changes for the credit card industry and more, as demonstrated by the action taken against the scammy credit report site.

Notoriously, FreeCreditReport.com advertised its ironically named service through commercials that led consumers to believe credit reports ordered on the site were actually free. Too many trusting customers used the site expecting to receive their free report, when in fact they had to sign up for a $15 per month credit monitoring service before accessing a "free" report.

Under the new law, the Federal Trade Commission (FTC) will issue revised rules that mandate advertisers to acknowledge AnnualCreditReport.com as the only place for a free credit report. Expect the new FreeCreditReport.com radio and TV commercials to include this statement: "This is not the free credit report provided for by Federal law."

Were you ever a victim of the misleading advertisements?

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