Hammer Comes Down on FreeCreditReport.com

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The catchy (read: annoying) jingles for FreeCreditReport.com couldn't save the web site from getting scrutinized by the law. The credit card reform legislation will enact changes beyond the credit card industry, as demonstrated by action taken against the scammy credit report site.

Notoriously, FreeCreditReport.com has promoted its ironically named service with 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 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."

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