Back in 2003, Congress passed a law that gives every American the right to a free credit report from the three major credit bureaus each year. This was a good law, but it was not clear how people were to go about taking advantage of that free report. The only authorized (and free) way to get the report is by going to the website AnnualCreditReport.com or calling 877-322-8228.
But that web site and phone number did not get a lot of widespread publicity. The credit bureau Experian realized this and decided to run a little scam of its own. They created a subdivision of their company and named it FreeCreditReport.com, and it turned into a good moneymaker for them -- because nothing was free at this site.
You've probably seen their television ads where this small band (with singer Eric Violette) sings about how much better they would be if they'd only gone to the FreeCreditReport.com site. In one of the ads the band is working in a fast food restaurant, in another they are working a Renaissance Fair and a third shows them only able to buy a clunker of a car that has women laughing at them. There are several more besides these.
The ads make it seem like you could go to the site and actually get a free credit report, but that is, to put it mildly, not true. When you go to the site, you actually have to sign up for Experian's credit monitoring service -- for $14.95 a month. That's a far cry from free.
Fortunately, the government has finally caught up with Experian's little scam. The new credit card law contains a provision that lets the Federal Trade Commission (FTC) force Experian to put large and very obvious disclosures on their web site (like the gray box in the above picture of their site) telling everyone that the ONLY authorized place to get a free report is at AnnualCreditReport.com (the site authorized by Congress).
The FTC has been fighting Experian in court for years over this fraudulent advertising, but has been able to accomplish little. Thank goodness Congress finally gave them the power to get something done.
The ads on TV are catchy, but don't fall for them. There's nothing free about FreeCreditReport.com.
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