TransUnion, one of the three largest credit reporting agencies, has just settled a class-action lawsuit. They were accused of selling the private credit information of American consumers to marketers who then used that data to sell products and services back to the consumer.
Ken McEldowney with Consumer Action said, "TransUnion was getting deep into credit reports to get information to tailor lists that were valuable for other companies. This is by far the largest class action ever and the largest ever involving privacy violations. It sends a strong message to organizations that hold your private information."
If you have used a credit card or carried any kind of debt or loan account in the past 21 years, you are probably entitled to benefit from this unprecedented $10-billion dollar lawsuit settlement. The tentative settlement gives a majority of Americans free round-the-clock access to their credit reports and credit scores. Additionally, consumers would receive e-mails updating them about any significant changes to their credit files, such as late payments or accounts opened in their names.
In addition to getting free credit monitoring, consumers can claim a portion of the settlement money by registering at listclassaction.com, starting June 16. But people are being warned NOT to respond to emails claiming to be from TransUnion. It could be a trick by spammers posing as the credit agency and going after your private information. TransUnion said it will only communicate through that website.
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