FTC Fights FreeCreditReport With Ads?
For those of you new to this blog, I have two other blogs that are dedicated to other interests of mine. However, on one of them, I wrote an article last year about FreeCreditReport.com and how they helped me overcome a credit issue I was having with a potential creditor and an account that should have been closed years ago.
So, you can imagine my surprise when I came across this article on MSNBC.com titled FTC Fights FreeCreditReport.com With Spoof Ad. It seems that the FTC believes FCR (so I don’t have to keep typing it out) has engaged in fraudulent advertising practices because, in essence, they’re not totally free. And, their way of combating FCR is to create ads based on the commercials FCR has on TV, with their own special spin.
To say the new ads don’t quite make it doesn’t really need to be said. And I’m not going to comment on whether I believe the FTC has used money properly in making commercials instead of enforcing laws. Instead, I’m going to talk about FCR and why, at least in some fashion, I still support them.
One, if you followed the link I put up earlier, you’ll see the problem I had, and how I was able to fight back with their help.
Two, it is true that unless you pay something you only get the one free report a year. Instead, the FTC would like you go to go AnnualCreditReport.com, where you really do get your free credit report from all 3 reporting agencies once a year. But that really is only one free one a year; with FCR, I can get a new credit report whenever I want one. That, plus I get a monthly email telling me of any changes to my financial record, which I like, especially right now when I don’t trust any of the banks to be acting legitimately in my favor.
Three, ACR (I’m beginning to like this) doesn’t give you your credit score, which is the ranking creditors use to determine if they feel you’re a good credit risk or not. You’d have to pay them for it, or get it elsewhere. With FCR, I also get that updated monthly, although most of the time it stays the same.
The one point of disclosure you should get is that FCR is owned by Experian, so they’re really the only agency you get to work with closely if you belong to FCR.
So there you are, full disclosure. Everyone gets to make up their own mind as to which direction they want to go. For now, I’m staying with FreeCreditReport.com, and I’m proud to be one of their affiliates.