ScoreSense / One Technologies Sets New Benchmark for Industry Transparency and Disclosure
November 19, 2014
IN SETTLEMENT WITH FTC, ONE TECHNOLOGIES AGREES TO
PROVIDE REFUND POOL FOR CERTAIN PAST CUSTOMERS
DALLAS, November 19, 2014 – One Technologies, a leading provider of online credit monitoring tools that allow consumers immediate access to their credit reports and scores from all three major credit bureaus, today announced that it has signed agreements with the Federal Trade Commission (FTC) and three State Attorneys General to resolve a compliance inquiry and set a new standard for the industry’s clearest and simplest subscription disclosures. One Technologies has already implemented the new disclosures.
Through discussions with the FTC, One Technologies agreed to modify its disclosures to establish industry best practices for enrolling customers. While the terms of One Technologies’s offers have always been disclosed to the consumer, the changes announced today largely involve the location and frequency of notices to consumers about the terms of the free trial offer.
“One Technologies is pleased to have resolved this matter. Our intention was always to sign up only those customers who wanted our product and were aware of its benefits,” said Fred Loeber, Senior Vice President and General Counsel at One Technologies. “We always believed that we complied with the law, but have worked with the FTC to set a new benchmark for industry transparency and disclosure. We call on our competitors to adopt this new benchmark.”
No fines or penalties were imposed as a result of the settlement. One Technologies will establish a fund for providing refunds to certain past customers. The agreement gives the FTC the power to administer refunds to consumers from the refund pool. Current One Technologies customers will not experience any interruption in service. One Technologies has more than quadrupled in size in the past five years, and the settlement will not affect One Technologies’s operations or plans for future growth.
ScoreSense offers consumers innovative financial and credit management tools for a clearer understanding and greater control of their personal finances and credit scores. ScoreSense credit monitoring, fraud alerts, and identity theft protection provide vital information and protection to consumers. Innovative ScoreSense features include tools that allow consumers to review credit progress and predict how credit related decisions – like buying a car or canceling a credit card – may impact their credit scores.
To see the new disclosures, please go to http://onetechnologies.net/disclosures/.
ABOUT ONE TECHNOLOGIES
One Technologies is a privately-held company based in Dallas, Texas. It provides analytical data tools that empower consumers with immediate access to credit reports and scores from all three credit bureaus, and protects and insures against identify theft. Ranked #1 in growth for privately held companies in the Dallas metroplex by the Dallas Business Journal, One Technologies values online privacy and does not sell any consumer information to unrelated third parties. http://onetechnologies.net/
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Questions and Answers
Q1. What is the nature of One Technologies’ settlement with the FTC and the State Attorneys General?
A1. The FTC alleged that some past customers may have signed up for a membership unintentionally. While One Technologies’ disclosures have always been provided to consumers on its websites, One Technologies has implemented changes that satisfy the FTC and create a new industry benchmark for transparency in consumer disclosures.
One Technologies will establish a fund for providing refunds to certain past customers. The agreement gives the FTC the power to administer refunds to consumers from the refund pool. No fines or penalties were imposed as a result of the settlement.
Q2. Who is eligible for this refund? How do I know if I am eligible?
A2. The FTC will administer the pool. At this time, no additional details are available but you will be contacted if you are eligible.
Q3. When will refunds be provided?
A3. At present One Technologies does not have any information on who is eligible for a refund and when they will be provided. The FTC will administer the pool.
Q4. Will the settlement have a material impact on One Technologies’ business or ScoreSense® customers?
A4. No, existing ScoreSense customers will not experience any interruption in service. One Technologies has more than quadrupled in size in the past 5 years, and the settlement will not affect One Technologies’ operations or plans for future growth.
Q5. What changes have you made to your disclosures in light of these developments?
A5. The terms of One Technologies’ offers have always been disclosed to consumers. Over the summer, One Technologies implemented changes to the location and frequency of these disclosures.
For any additional questions, feel free to contact our customer help line at 1-877-487-1514.