Posted by Lending Club :: September 14, 2008 @ 10:09 am

You may already know that credit reports are available free of charge once per year from AnnualCreditReport.com. Credit scores, which are the number that lenders typically use when determining credit, are generally only available to you for a fee. Thanks to a new class action settlement, most people are eligible to receive their TransUnion credit score for free.

As I mentioned in my post about class action settlements, large groups of people are often involved. In this case, the class includes “all consumers who had an open credit account or an open line of credit from a credit grantor (including, for instance, automobile loans, bank credit cards, department store credit cards, other retail store credit cards, finance company loans, mortgage loans, and student loans) located in the United States anytime from January 1, 1987 to May 28, 2008.” So if you’ve used nearly any form of credit in the last 20 years, you’re probably eligible.

The settlement stems from a lawsuit filed against TransUnion, one of the big three credit reporting agencies, claiming that TransUnion and Acxiom Corporation improperly sold lists containing personal and financial consumer information to third parties for marketing purposes. While the defendants do not admit to any wrongdoing, the settlement entitles those included in the class to a range of benefits, including credit monitoring, access to credit reports and scores, as well as possible cash payouts.

For more information about this settlement, visit www.ListClassAction.com or call 1-866-416-3470. There you can determine your eligibility, compare your benefit options, and decide whether or not to participate in the class. As with any such matters, we at Lending Club recommend that you review your options carefully (and consult with an attorney, as necessary).