16 CFR Part 610 Amendments to Rule to Prevent Deceptive Marketing of Credit Reports and to Ensure Access to Free Annual File Disclosures #545091-00584

Submission Number:
545091-00584
Commenter:
Edward Nolfi
Organization:
Edward A. Nolfi, Esq.
State:
OH
Initiative Name:
16 CFR Part 610 Amendments to Rule to Prevent Deceptive Marketing of Credit Reports and to Ensure Access to Free Annual File Disclosures

The Federal Trade Commission should add a sentence to proposed Section 610.2(h)(iii) specifying that "Arbitration agreements are prohibited." Proposed section 610.2(h)(iii) is excellent and much needed. Particularly onerous is the attempt of nationwide consumer credit reporting agencies such as Equifax to require consumers to agree to arbitrate disputes as a term and condition of getting its "free" credit report. Most consumers do not know that substantial filing fees are required for most arbitrations and that most arbitrations do not result in the satisfaction obtainable in a court of law or equity. Add a sentence to proposed Section 610.2(h)(iii) specifying that "Arbitration agreements are prohibited." With the wisdom gained from more than 26 years as an attorney, law teacher, and legal writer, I strongly support all efforts to stop the fraudulent or misleading use of the word "free" in advertising or marketing. Use of the word "free" should not be--as it is now--a red-flag indicator that the user of the word is a liar.