150 million Americans awarded with free credit-monitoring…

One of the largest legal settlements ever made has been resolved with TransUnion, the Chicago-based credit bureau, agreeing to offer 150 million Americans up to nine months of free credit-report monitoring services. Filed in Federal Court in Chicago, the lawsuit claimed that TransUnion violated the ‘Fair Credit Reporting Act’ when it sold consumer information to businesses who used the data to market their products to consumers. “There’s been no finding that TransUnion violated any law,” said Colleen Ryan, a company spokeswoman. But the settlement still rewards millions of consumers with free credit-monitoring services.

Although the company believes it didn’t break the law, they’re seeking to end a nearly decade-old, class-action lawsuit. Consumers who had an open credit account, mortgage, auto loan or student loan in the United States from 1987 to May 2008 will be eligible for a limited time to use one of two free TransUnion services. When the free service expires, it will simply end, without the hassle of cancelling. Consumers will have the following options:

• Option One: 6-months of TransUnion’s credit-monitoring service, unlimited access to credit reports / credit scores and email notifications when credit report changes occur. If you choose this option, you will give up your right to enter the class-action suit against TransUnion in this case. Value: $59.75. 
• Option Two: 9-months of TransUnion’s credit-monitoring service, plus access to credit scores used in insurance decisions and TransUnion’s mortgage simulator service that allows consumers to see how their credit score affects mortgage rates. Choose this option and you will also forfeit all legal claims in this case. Value: $115.50.

Consumers have a third option, but it may or may not not pay off. After two years, any money left out of the $75 million set aside in the settlement will be reimbursed as cash payments to consumers who sign up. But if the money is used up to provide free credit-monitoring services to other consumers - no payouts will be made.

Eligible consumers will be able to choose their free credit-monitoring service beginning June 16 by going to ListClassAction.com or by calling 1-866-416-3470.

* Visit the TransUnion Newsroom to learn more about Free Credit Monitoring Services >