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TransUnion settlement could mean free services for you

June 6, 2008

Anyone who has had a credit card or loan between 1987 and May 28, 2008 take note. There is a good chance that you will qualify to be part of a class action lawsuit settlement against TransUnion Corp.

If you’ve been keeping up with the blog this week, you’ll remember that TransUnion is one of three credit reporting bureaus. Lenders will use your credit report and score from one or more of the bureaus to determine how credit worthy you are when it comes to loans and interest rates.

The credit bureaus must adhere to federal laws that make it illegal for them to sell a person’s private credit information with the exception of certain situations, such as if the person has applied for a loan.

According to news accounts, TransUnion took data from their files to create customized lists of consumers that were distributed to retailers, lenders and other businesses. Those lists were used by the companies in marketing initiatives.

There doesn’t appear to be any danger of identity theft from TransUnion’s transgression. However, it created a hassle for many consumers who found themselves flooded with unwanted mail offers.

So, what now?

The lawsuit, the largest of its kind, is going to give an estimated 160 million Americans a chance to have free credit monitoring service from TransUnion for nine months along with a free credit score.

 Again, if you’ve read previous posts this week, you already know that you usually must pay for your credit score. This is a good opportunity to see it for free. But, it is important to note that your credit score can actually vary from credit bureau to credit bureau. So, if you’re in the market to make a big purchase — think mortgage — you may want to purchase your score from the other two bureaus as well.

The free credit monitoring service is good, too. Those who are eligible under the lawsuit will receive the service free for nine months. At the end of the nine months, the free service will end. You will not be asked to provide payment information at the start of the free service, so you won’t have to worry about “opting out” at the end or risk having your card charged. Of course if you decide you like the service you can sign up and continue it.

You can file your claim beginning June 16 by going to the settlement web site at www.listclassaction.com or by calling (866) 416-3470.

Written by admin · Filed Under News 

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