They May Not Be a Scam Or Fraud, But Are They Really Free?

There are plenty of adverts out there promising us FREE CREDIT REPORTS. It bugs me - because the way I see it, Free Credit Reports don't seem to exist. If anything, I believe it could be viewed as a make money scam employed by hardnosed Credit Report companies.

Firstly, we fall for their seductive but despised pop ups, which obviously must cost them a fortune as they appear everywhere. Following that, when we have completed our personal details, we then have to provide them with our banking information before they part with any information in return.

These companies claim that the information is to verify our identity, but I am questioning whether it is just a means of introducing recurring billing? If You Google the definition of Recurring Billing it says ...Transactions for which a cardholder grants permission to the merchant to periodically charge his account number for recurring goods or services...

As so many individuals forget to cancel their subscription, we might not realise that our credit cards will start to have been charged, normally on a monthly basis, but in some cases twice per month. I will expand on this in my next contribution. Therefore, it can take quite a while before we realise we have been charged for this service, and by then, it is too late. What a great way for these Free Credit Report companies to generate income out of our forgetfulness. Absolutely dreadful!

In these troubled times of financial insecurity, we are more open to so called free offers, but if there was more competition out there, and tighter legislation was introduced, we may all benefit from a fairer deal.

Now that I have got this off my chest, I would caution that if companies are stating that their service is FREE, then, unfortunately, it probably is not, as there will be a catch involved. These companies are here to protect us and our finances, and are there to ensure we are not caught out by Credit Card Fraud, Identity Theft, Cheque Fraud, or any other type of Internet Fraud. However, these sort of services can be seen by some as a SCAM in itself!

So not only are we potentially paying for this Free Service, but we have to offer them our credit card details as well! I say we should not have to part with our credit card details, immediately as this service is supposed to be FREE. Examples of their typical Terms and Conditions can read...after your 10-day FREE trial period it's just £24.95 per month. Remember, you can call us within the first 10 days to cancel, and you will not be charged the £24.95. 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...

As well as the potential of recurring billing, we also have to experience their poor levels of service and occasional monumental mistakes. These mistakes can have a massive impact on our future financial ratings. I will expand on this in my next publication, but until then, and above all, please remember to cancel your subscription, or YOU WILL BE CHARGED!

Dr Caroline Coats became a victim of an internet online cv scam . She is now trying to make a difference and raise public awareness of the true levels of internet fraud. The site publishes victims stories and loads more........ Visit http://www.cyberfraud.org.uk/ Email the author at info@cyberfraud.org.uk