Wall Street Journal (06/02/08) P. B10; Coombes, Andrea
In an effort to resolve a class-action lawsuit that has been pending for nearly 10 years in federal court in Chicago, TransUnion Corp. has agreed to provide free services for a limited time to any consumer with a mortgage, credit card, auto or student loan or another open credit account or credit line from 1987 to May 28, 2008. The credit bureau is being sued for allegedly violating the Fair Credit Reporting Act by selling consumer information to businesses, but the company insists it did not break the law that allows the sale of publicly available information but prohibits the sale of private data. Consumers who opt to receive six months of the company's credit-monitoring service will no longer have the right to participate in a class-action lawsuit against TransUnion, and those who receive nine months of its credit-monitoring service and free access to its mortgage simulator service and credit scores used by insurers cannot engage in any additional legal claims against the company. The court now must approve the settlement.
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