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What You Need To Know About The TransUnion Class Action Settlement

09/05/2008

TransUnion is in some serious hot water. They violated the terms of the Fair Credit Reporting Act when they sold the personal information and records of consumers (us!) to businesses hoping to target people in a certain credit range.

They have reached a settlement agreement, and pretty much everyone is set to get something out of it.

Here’s the skinny:

If you carried a credit card, mortgage, student loan, or auto loan between the years of 1987 to May 28, 2008, then you are eligible to get something out of the settlement.

Here’s the settlement offer:


My personal take on this?

By themselves, your Transunion credit report and score mean very little. To get a full picture of your credit rating, at the very least you need to view your credit reports and scores from all three bureaus plus your FICO score. As far as the Mortgage simulator calculator, there are similar tools available for free online.

Personally, I’ll sign up for the cash settlement, and be happy if I receive it. However, if you have never monitored your credit report, and would like a free way to try it out, then it may be a good way for you to decide if credit monitoring is right for you.

You can register to take part in the settlement at the official site.

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