Free credit monitoring services

Today is the deadline to sign up for nine months of free credit monitoring by registering to participate in a class-action settlement with TransUnion, reports the Wall Street Journal. That means, among other things, that consumers can receive e-mails when there are changes in their reports and lock reports so lenders can't see them.

The $75-million settlement stems from the sale of consumer information to businesses for marketing uses, a practice the Chicago credit bureau says did not violate the law and was discontinued in 2001. More details from the article:

Consumers who had an open line of credit or a credit account -- such as a credit card, mortgage, auto or student loans -- any time from Jan. 1, 1987, to May 28, 2008, can choose from six or nine months of the company's credit-monitoring services.
Under the settlement, consumers who opt for six months of credit-monitoring service can also register for a potential cash payment if any money is available for distribution, or they can file individual suits against the defendants. Those who opt for nine months of service won't be able to get a payment from the settlement nor start an individual suit.

Consumers, for their part, won't need to provide a credit card to sign up for the service. When the free services expire, the services will end, meaning TransUnion won't automatically sign people up for a paid service. To register for the settlement, go to www.listclassaction.com.

-- Lauren Beale

Thoughts? Comments?

Photo: Justin Sullivan / Getty Images

Comments

[Rational Renter]

Thanks for the tip. I signed up.

[slalfdk alkjlajf]

Is it effective immediately? Or when the class action suit is settled?