CardRatings.com Founder Curtis Arnold Weighs in on New Restrictions to Free
Credit Report Offers
The Federal Trade Commission has taken regulatory steps to curtail misleading offers for free
credit reports. CardRatings.com highlights the major rule changes and their effects on consumers
who seek information about their credit reports.
Little Rock, AR (PRWEB) April 12, 2010 -- Curtis Arnold, founder of consumer education site CardRatings.com,
weighed in on the implications of new Federal Trade Commission (FTC) rules governing free credit report offers,
which took effect April 2.
The FTC imposed rules on companies that offer services using free credit reports as an incentive to attract
customers. The new regulations require that free credit report offers clearly differentiate themselves from the
AnnualCreditReport.com Web site, through which individuals are entitled to free credit report information
annually. The regulations also restrict advertising and paid offers on AnnualCreditReport.com.
Arnold, a nationally recognized consumer educator and advocate, says the new laws are a boon to consumers. "I
think this is a positive step for consumers. As the editor of CardRatings.com, I have always strived to promote
awareness of one's own credit reports and credit scores. It's unfortunate that some companies have taken
advantage of people's desire to manage their credit reports as a way to sneak in unwanted services. The end result
has been major confusion among consumers."
Since 2003, Americans have had the right to a free annual credit report at AnnualCreditReport.com with no
strings attached. Other sites have since proliferated, claiming to offer credit reports for free. In actuality, these
sites--which frequently ask for consumers' private information and credit card numbers--often tack on trial offers
for credit monitoring services or even unrelated items such as magazine subscriptions that are billed later. These
extras are not always prominently disclosed, and consumers are further misled by advertising t