New Rules Take Effect For Credit Reports Advertising
April 2, 2010 at 4:23 PM (PT)
Beginning TODAY (4/2), a new FEDERAL TRADE COMMISSION rule will require Web sites advertising free credit reports to direct consumers to the government-approved site. TV and radio ads must do the same starting SEPTEMBER 1st.
The ads typically don't disclose that the advertised free reports are part of a package of services that can cost as much as $14.95 a month. Consumers may not realize they can get free reports with no strings attached.
The new rules are a mostly overlooked piece of last year's credit card reform bill.