TransUnion Settlement: Free Credit Monitoring and Credit Score

If you, like most everyone else, had a credit card, loan, or credit account anytime between January 1987 and this past Wednesday (May 28th, 2008), then you’re eligible to file a claim in a preliminary settlement of a class-action lawsuit against TransUnion.

This lawsuit, which dates back eight years, stems from allegations that TransUnion violated federal law by selling consumer profiles. TransUnion denies any wrongdoing, but has agreed to settle the lawsuit to avoid “protracted” litigation expenses.

(1) Basic relief. Free credit monitoring for six months, which gives you daily access to your credit report and credit score and 24-hour credit-monitoring service. This normally costs $59.75. Those who elect this option may get a cash payment if there’s money left from the $75 million settlement fund.

(2) Enhanced relief. An alternative enhanced set of services in exchange for a full release of claims. This options includes nine months credit monitoring, a suite of insurance scores and TransUnion’s mortgage simulator service. This option normally would cost $115.50. You won’t be entitled to any cash payment under this option.

From where I’m sitting, option #1 looks the best. While credit monitoring isn’t that big of a deal, especially with the advent of free annual credit reports you’ll get free access to your credit score and there’s a chance you might also snag some cash.

If you qualify, you’ll need to register on or after June 16th, 2008. You can either register online at www.listclassaction.com or via phone by calling 1-866-416-3470. Unfortunately, as of this writing, the website doesn’t actually work.

[Source: Seattle PI via Blueprint for Financial Prosperity]