There is nothing more fearful than the notion that some has stolen your identity and is wreaking havoc to your carefully built credit. Major companies are now exploiting this fear through various marketing schemes toting supposed "free credit reports" that are in reality, cryptic legalese-laden contracts that force the unknowing customer into some sort of credit monitoring service.
The following are two major offenders I have encountered:
Alert #1: FreeCreditReport.com
Back on May 10, 2007, I wrote my first blog about this internet-age swindle. They claim to provide free credit reports from the major agencies, and then hide in their 10 page legal agreement in 4pt font, an agreement to purchase a credit monitoring service.
I had done a little research back then, and discovered this company, MNI Credit Report Services, has had numerous consumer complaints.
Recently, I noticed that they started advertising on TV their "free" credit report.
THOSE CREDIT REPORTS ARE NOT FREE. THIS IS A SCAM!
Alert #2: Bank of America's Free Credit Report
I considered making this my #1 alert, as their approach was one of the most audacious and twisted attempts to swindling.
I received a call this morning from someone identifying themselves as an agent of Bank of America. He told me that BoA valued their customers, and wanted to ensure their customers had clean, clear, and no unusual issues on their credit reports.
I thought, "Wow, what a nice company."
Then he said, "After reviewing your report, if you do not notice any issues, call us back and cancel your subscription to our credit monitoring service."
I had to ask him to repeat that! But you read that correctly, BoA is now going to start providing a pay service for credit monitoring and customers have to OPT-OUT.
This is out of control. And as I stated above:
THOSE CREDIT REPORTS ARE NOT FREE. THIS IS A SCAM!
There is only ONE source for a free credit report, mandated by law to be provided to consumers once per year: www.annualcreditreports.com.
DO NOT GET SUCKERED IN BY THESE AND OTHER SIMILAR FREE CREDIT REPORT OFFERS!
Monday, January 21, 2008
Consumer Alert: Two Major 'Free' Credit Report Scams
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4 comments:
I was also hit by the MNI Credit Reporting scam. Or as it showed up on my bill for a recurring $11.95 charge:
MNI*CREDITRPT SERVICES(Services and Merchandise)
Thankfully, a 10 minute call to my credit card provider refunded the 2 months of invalid charges. They also said they have a LOT of complaints regarding this company.
Cheers! And let us know of any other scams you identify.
I see alot of negative comments about MNI credit reporting, but my experience has NOT been negative!At first I was a little concerned, so I contacted the company, and they reduced the fee to $6.95/mo. I then applied for credit, and the company notified me that someone had applied foe credit in my name. This was legit,but it could have been identity theft! I'm glad they were on top of it!
PEOPLE,when you read from left to right,you will see the very LARGE BLUE BOX telling you about the service. It's not in small print. Plus when you read that area it also gives you the LINK to the FED GOV website for your annual report. So how can you blame a company if you don't read before you enter. Blame yourself for not reading. People are fast to say SCAM,but not fast to read first. SO,please go to the website again an read it. CREDITREPORT.COM (NOT FREECRDITREPORT.COM) MNI is not on TV. That's FREECREDITREPORT.COM
I signed up to check my credit report. I found out I had 7 days to cancel before I was charged on a monthly basis. I immediately called to cancel the account. After saying several times and very firmly: "Cancel my account, please", the operator on the phone said the account was canceled and I would not be charged.
A few months go by, I was charged 4 times! I went through all these hoops to get my FULL refund of $59.80. I know it doesn't seem much but I CANCELED my account! I finally got my FULL refund.
I have my whole story here and well as email, phone, and fax information to getting a refund:
http://ootie.blogspot.com/2009/03/freecreditreportcom-is-scam.html
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