I am fed up with the advertisements promising FREE CREDIT REPORTS. Aren’t you? To my mind there is no such thing as a Free Credit Report. In fact, in my opinion, it’s a money making scam on behalf of unscrupulous Credit Report companies.
Once we have been enticed onto their sites through their pop-ups which cost them an absolute fortune and are detested by us all, we then have to go through all the form filling, and finally, we have to submit our bank details to them.
This, supposedly is to verify our identity, or is it a way to assure them of recurring billing? According to Google, Recurring Billing means, …Transactions for which a cardholder grants permission to the merchant to periodically charge his account number for recurring goods or services…
Because many of us forget to call off the subscription, we may not become conscious of the fact that our credit cards have been charged, mostly once a month, but sometimes even a couple of times per month. I will cover this in a future article. So it can take quite a while before we realise we have been paying for this unintentionally. It is a good way for these Free Credit Report companies to make some serious cash out of our forgetfulness. I think its shocking!
During this period of financial insecurity, we are a bit more vulnerable, and if more competition were to be is introduced, and legislation tightened, we may get the opportunity of benefitting from a fairer deal.
But enough of this, if a service is hailed as being a FREE service, then unfortunately, there is almost always some sort of trap involved. These companies are supposed to protect our finances and shield us from Internet Fraud, Credit Card Fraud, Cheque Fraud and Identity Theft, yet they can be viewed by some as a bit of SCAM!
Examples of classic Small Print may read.. …after your 10-day FREE trial period it’s just 25.95 per month. Remember, you can call us within the first 10 days to cancel, and you will not be charged the 25.95. To ensure continuous service, at the end of your trial period your membership will be automatically charged each month at the then-current membership fee… It appears then that we can end up paying for this so called Free Service, but they are also demanding our credit card details in advance. This cannot be correct because if its marketed as free, then no credit card details should be taken.
Apart from the recurring billing we also have to tolerate an unacceptable level of service and occasional glaring errors. These errors can have a devastating impact on our financial prospects! You will see this published soon within my next article. So above all, remember to stop your subscription, or PREPARE TO BE CHARGED!
Before you buy anything online, or submit any private information, make sure you visit Dr Caroline Coats’ site on how to avoid becoming a victim of online crime and get information about the latest threats regarding internet security.
internet personal security: personal security training
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