FRAUD ALERT: Chase advertising checks

Chances are, you receive about a dozen of these every month: checks mysteriously written to you with a big "CASH ME NOW" look on them.

DON'T!

As the classic saying goes, "If it's too good to be true, it probably is." No one is writing you checks altruistically. They are all shady, scummy legal contracts that bind you into some form of monthly fee for a service you really don't need if you sign and cash the check. I don't understand why the government doesn't crack down on these, but I hope more and more people will see these checks and tear them up.

So why do I point out Chase?

As my bank and credit card backer, it has been great. I haven't had too many issues with them. But boy do they like to sell their logo to advertisers who send out these checks.

Initially, they were almost benign, coming with letter inserts about identity theft protection or the like. But recently, all I received was a check and the Chase logo on it. After looking more carefully, on the back of the check, in 10pt font, there is a legal contract stating that by signing, I would be signing up for some emergency credit card insurance in case something bad happens to me.

Shame on you Chase.

Consumer Alert: Two Major 'Free' Credit Report Scams

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!