Just In Time Lending

Web sites offering free credit reports still sound convincing to consumers.   However, the federal government is cracking down on these “not so free” companies.    The words ‘Free’ have come to mean something different over time.   And the new FTC laws regarding credit are changing this.

The change comes as a part of the 2009 Card Act.   The free credit reporting companies will have to make adjustments if they have not been straight up on their dealings with consumers and their credit score.

FreeCreditReport. com is the service a number of consumers used to make sure their credit was on the right track.    They offer credit report and monitoring services.

They needed a “credit card number to start the process of getting the consumers credit report. “  Which in fact can be obtained for free under some common consumer credit circumstances.

A number of consumers using these types of services have been getting billed monthly for something they did not need.   Credit monitoring of course, is different.

FreeCreditReport. com is one of several companies that use catchy advertising to convince customers if they give up their credit card number, they can see their credit report for free. However, it is usually only the first 30 days that don’t cost anything.   And this is wrong.    Again, monthly credit monitoring services are a different matter.

It has taken a number of consumers some time to get the appropriate refunds on services they simply did not need to pay for.

Amanda Neves is a loan officer with Panhandle Educators Credit Union. She says “people come in and refer to the ‘not so free’ reports all the time.
There’s actually only one site authorized by the government that you can get by law,” Neves said.

The U. S. Federal Trade Commission provides one free copy of your credit report from each 3 bureaus every year. People can access their free reports on www. annualcreditreport. com and you may want to check the site, as the laws have changed quite a bit and now, fortunately in the consumers favor.

The government is helping out with the not so free companies. Those companies will have to disclose that what’s being marketed isn’t really free.   The new rule will apply to all forms of media and advertising.