New York, NY: (May-28-08) A class action lawsuit was brought against TransUnion, one of the three large credit reporting bureaus in the United States, alleging that the company sold marketing lists in a manner that was not compliant with federal norms. The suit accused the company of violating the Fair Credit Reporting Act. As part of a settlement reached in the case, the company agreed to provide millions of consumers with free credit monitoring for nine months.
Sources said that the deal stands to benefit borrowers, who will enjoy the credit monitoring services that TransUnion already provides, but for free. The class comprises of anyone who had an auto loan, a credit card, a department store card, a student loan or a mortgage, and were credit active from Jan. 1, 1987, until the present. Records say that the credit monitoring service usually costs $11.95 per month after a 30-day free trial. The target marketing business was discontinued in 2001, but TransUnion acknowledged no wrongdoing in agreeing to settle. Company officials cited privacy issues in recent years as a cause for the suit.
TransUnion in the News[TAKING CHARGE: TransUnion ]
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