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FTC director testifies about consumer credit issues
By Peggy Stillwell on Mar 28th, 2010
One reason why a person may consider debt consolidation is that it can help them lower how much they'll pay in interest, which can make it easier to pay down bills.
Doing so could eventually result in a better credit score, which is of special importance given a tighter lending market created by the most recent recession. In recent testimony, David Vladeck, director of the Federal Trade Commission's Bureau of Consumer Portection, noted that the commission is trying to educate the public about credit scores and reports.
In his testimony to the House Subcommittee on Financial Institutions and Consumer Credit of the Committee on Financial Services, Vladeck said the FTC is trying to let consumers know that they have a right to obtain a free copy of their credit report from each of the bureaus once a year.
Some companies may mislead consumers into thinking they have to pay for their credit report, which is one reason why the FTC was directed to do something as a result of the Credit Card Accountability, Responsibility and Disclosure Act.
Companies will have to add disclaimers to their advertisements indicating consumers can get a free copy of their credit report at www.annualcreditreport.com.
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