We recently posted a list of all the credit card provisions that are scheduled to go into effect on February 22nd under the CARD Act. The list only included the upcoming laws that were specifically intended for credit cards. However, there is another law that isn't related to credit cards at all but was included to protect consumers from deceptive marketing practices. Or more specifically, the prevention of deceptive marketing of credit reports.
Basically the provision states that all credit report ads will require the disclosure that the report being offered is NOT the free credit report provided under Federal law at AnnualCreditReport.com. Here's what the CARD Act states about the rule:
So, when does this particular provision under the law go into effect? Good question - especially to those of us in the affiliate world.
The CARD Act states that the FTC shall issue a final rule to carry out the new law no later than 9 months from the date the Act was signed. President Obama signed the Act in May so we're on that 9-month mark but we haven't really heard much about this particular provision. Based on the verbiage, it's quite possible that the rule could go into effect with all of the other changes scheduled for February 22nd. We'll soon find out.
From an affiliates perspective, what do you think about this new law? Will it hinder your ability to market credit report products or will there be little, if any, impact at all? Speak up and let us hear your thoughts in the comments section below!
Deanna Templeton is the Director of Consumer Education for Credit.com and has more than 10 years of experience in the online credit and personal finance markets and works closely with the affiliate marketing side of the business. Deanna shares her unique insight on everything from credit and personal finance to affiliate, social media and email marketing.
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