FTC losing patience with deceptive 'free credit report' offers

The Federal Trade Commission (FTC) has been tightening the screws on the consumer credit reporting business in recent months, with moves designed to clarify consumer rights and punish websites that mislead consumers about so-called free credit reports.

The FTC announced this week proposed revisions to the notices consumer reporting agencies provide to consumers under the Fair Credit Reporting Act (FCRA). The proposed changes are designed to simplify the Summary of Rights notice, which informs consumers about their FCRA rights, such as how to obtain a free credit report and dispute inaccurate information in those reports.