TransUnion Class-Action Lawsuit Means Free Services for You
If there is one good thing that comes from companies doing bad, it’s the consumer payback. Credit bureau TransUnion has agreed to settle over claims that they illegally sent private information for marketing purposes. Because this was a class-action settlement with broad terms, nearly everyone can sign up to receive their share of the settlement, all you have to do is sign up by September 24.
What Will I Receive?
Although the settlement has not yet been finalized, here are the options you can choose during sign up:
• Nine months of enhanced monitoring service. If you select this option, you can’t get any cash
• Six months of credit monitoring and a potential cash payment
• A cash payment (if money is available for distribution)
• Six months of credit monitoring
Which One Should I Choose?
I think it’s best to go with the nine months of enhanced monitoring service and forgo any cash payment. Considering the enormous amount of consumers that qualify to sign up for the settlement, any cash reward will most likely be minimal. Take advantage of the free monitoring services, this settlement provides a great opportunity for you to analyze your credit.
Who Qualifies?
Basically everyone qualifies. If you had an opening credit account or line of credit opened between January 1, 1987 and May 28, 2008 you qualify. This credit account can be anything from credit cards, store credits, mortgage, student loans and car loans. Unless you are loaded, really old or really young, you probably qualify.
To sign up to receive your chunk of the settlement, go to http://www.ListClassAction.com or call 866-416-3470. Remember, you have until September 24, 2008.
Why not participate? $
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Comments
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Sounds like a non-settlement. These class actions are generally good for one party - the lawyers. Some may be good intentioned, but ultimately the consumer is going to take it in the end again. Not only will TransUnion have to settle any claims (again - mostly going to the lawyers), but they will lose a lucrative stream of income. Guess what - they will work harder to make up for that loss of income and the losers will be the customer.
After writing this, I signed up for the 6 months of free service and a potential cash reward