Understanding the TransUnion Lawsuit

July 16, 2008

A recent class-action lawsuit against the major credit bureau TransUnion is giving about 160 million Americans the opportunity to receive free credit monitoring and unlimited access to their credit score.

These are services that would usually cost money, but under the terms of the lawsuit settlement you can qualify for 6 or 9 months of daily credit monitoring and other options worth a total retail value of up to $115.00, as long as you had an open credit account such as a charge card, student loan, auto loan or mortgage at any time between January 1, 1987 and May 28, 2008.

The lawsuit claimed that TransUnion violated the Fair Credit Reporting Act by selling lists with consumers' personal and financial information for marketing purposes. Although TransUnion stopped that practice several years ago, they have agreed to a settlement that can provide those who qualify with one of three choices: 

  • Nine months of free credit file monitoring service plus unlimited daily access to your credit report and TransUnion credit score, plus a “suite of insurance scores and a mortgage simulator services” – provided you agree not to file an individual lawsuit against TransUnion for damages;
  • Six months of free credit monitoring and unlimited access to your credit report and score, plus a possible cash payment out of the $75 million settlement fund if there is anything left after lawyers and other payouts take their chunk – again, provided you do not file your own lawsuit;
  • Six months of free credit monitoring even if you opt to file an individual lawsuit.

You have until September 24th to accept TransUnion’s offer. Go to the special Web site www.ListClassAction.com to register, or call toll-free 866-416-3470. If you plan on shopping for a mortgage or auto in the next 6-9 months, this is a great opportunity to keep a close eye on your credit report and credit score – for free!