The underlying issue is in the TV - it does not support full frame HD (but for film/broadcast it's not required to).
You will have similar issues on any HD equipment you connect (with my old Samsung TV, the HD cable box had some channels where the bottom part of the subtitles was cut off); and if you play a HD video on the PS3, it will also show less than the same clip shown on a PC monitor. If your TV has no option to switch to better behaviour (and it usually won't), there is no fix.

Given that plenty of these older not-quite-hd TVs are still out there, it does make sense for game developers to support them, either by avoiding putting anything relevant in 10% of the screen along the borders (in which case you just lose some viewable area, but can still see all text), or by supporting "scaling" of the entire screen. But good luck getting support from S/E for this before the PS4 version is released (which will likely suffer from the same problem -in fact since it will want to use 1080p, there may be more TVs with such issues (since some TVs do 720p just fine, but lose edges in 1080p)).