Friday, May 30, 2008
TransUnion to Provide Free Access to Credit Scores
Under a class-action settlement, one of the big three credit reporting agencies, TransUnion Corp., will provide free access to credit scores to anyone who had any type of loan account between January 1987 and Wednesday, May 28, 2008, the Los Angeles Times reports.
Federal law entitles everyone to a free copy of his or her credit report once a year from each of the three major credit-reporting companies, but it doesn't provide access to credit scores.
Under the settlement, anyone who had any type of loan account between January 1987 and Wednesday would be able to select one of two options:
A basic service would provide free credit monitoring for six months. It normally retails for $59.75, according to the settlement. Those who select this service can also apply for a cash payment.
An enhanced service would provide nine months of free monitoring, plus use of a "mortgage simulator" that lets consumers see whether improving their credit score would affect their mortgage rates and how much they could save if it did. This option also includes access to one's insurance score, which is used by some insurers to set rates (though California bars their use).
The settlement values this option at $115.50.
Under the settlement, a credit card number would not be required to sign up for either service. After the free service ends, TransUnion could not charge for an extension unless it was requested by the consumer.
Federal law entitles everyone to a free copy of his or her credit report once a year from each of the three major credit-reporting companies, but it doesn't provide access to credit scores.
Under the settlement, anyone who had any type of loan account between January 1987 and Wednesday would be able to select one of two options:
A basic service would provide free credit monitoring for six months. It normally retails for $59.75, according to the settlement. Those who select this service can also apply for a cash payment.
An enhanced service would provide nine months of free monitoring, plus use of a "mortgage simulator" that lets consumers see whether improving their credit score would affect their mortgage rates and how much they could save if it did. This option also includes access to one's insurance score, which is used by some insurers to set rates (though California bars their use).
The settlement values this option at $115.50.
Under the settlement, a credit card number would not be required to sign up for either service. After the free service ends, TransUnion could not charge for an extension unless it was requested by the consumer.
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