Sep 11, 2008 4:46 pm US/Pacific
Settlement Offers Customers Free Credit Monitoring
SAN FRANCISCO (CBS 5) ―
If you have received an auto or home loan, opened a credit card, or applied for any other type of credit in the past 20 years, you may be entitled to free credit monitoring, a service that warns you of suspicious credit activity.
Plaintiffs claim TransUnion sold consumers' private information for marketing purposes, violating both federal and state laws.
"I think it's really important for consumers to know that there's a price to pay for sharing a consumer's personal information," said Norma Garcia of Consumers Union.
And it's a hefty price -- $75,000,000.
Under the
settlement, consumers can choose between six months of free credit monitoring, a $60 value, and possibly a cash settlement, or choose nine months of monitoring, a $115 value, but no cash.
For lawsuits brought by individuals against TransUnion, they may be entitled to a judgment for damage claims.
Garcia said the best way to stay on top of your credit is to check your credit reports yourself. "We think there are some easy ways to do that. One is to order your annual credit report."
And there's only one truly free credit report site,
annualcreditreport.com.
You are entitled to three reports each year, and it's worth taking the time to check your credit.
"Nobody seems to understand when you go through something like that. Your credit has been dropped a point, and it effects everything. It really has an impact on your life," said Larry, a victim of a financial scam.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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