TransUnion class action settlement = Free credit monitoring

[badhangover]

This is a great and easy way to help combat identity theft, as well as just keep tabs on your general credit rating.

TransUnion, one of the USA's big 3 credit reporting bureaus, got their hand caught in the cookie jar. They were selling our information to marketers. Our private financial information. No use crying over it. Unless we go the drug dealer route and live an all cash lifestyle, we're at the mercy of the database overlords. May as well take some where we can, and this is a "freebie" giveaway.

As part of their settlement, they are now taking registrations for anyone affected by their actions. Basically, that means anyone and everyone who had any USA based debt. Credit cards, loans, etc. Debts which were reported to TransUnion from January 1987 to May 28, 2008. Which pretty much means everyone, at least those of us in the USA.

I opted for the 9 month enhanced credit monitoring option, for the reasons listed in the LA Times article I will link to at the bottom. I tend to agree with it that the enhanced credit monitoring is of more value than any $$$ any class action individual is likely to receive in place of this option.

Here is the LA Times article I learned of this from:
http://www.latimes.com/business/la-fi-perf...,7403167.column

Here is the site to register for the settlement:
https://www.listclassaction.com/

 

[mrjinglesusa]

I'll take the money (if there is any). I trust my bank to watch my credit more than I trust a credit bureau. JMHO.

 

[ironpeddler]

Great Info...thanks.

 

[badhangover]

"Enhanced credit monitoring" actually means you would be the one monitoring your own credit rating, not them. You would receive unlimited access to your TransUnion credit rating. I personally think this is a great thing, as an example, for those about to undertake large purchases and are looking to make changes in their liabilities and monitor its effects on their rating. It appears any individual cash settlement would be paltry, at best.

To each our own. This is just an FYI.

 

[mrjinglesusa]

Looks like you can select 6 months of Credit Monitoring + a possible cash payment.

 

[badhangover]

I nearly opted for that 6+ plan, but in the end, I think there is more value in 3 months of unfettered access to my rating than what kibbles of cash come down to the bottom rung. I'd be curious to know how much you receive, when you receive it, if you don't mind. Just curious. It may affect how I act on future class action settlements similar to this one.

 

[xRanger]

I opted for the 9 months.

 

[Jinxedwarrior]

I also opted for the 9 months, and thanks for the post!

Rocky

 

[insight]

I nearly opted for that 6+ plan, but in the end, I think there is more value in 3 months of unfettered access to my rating than what kibbles of cash come down to the bottom rung. I'd be curious to know how much you receive, when you receive it, if you don't mind. Just curious. It may affect how I act on future class action settlements similar to this one.

It really varies based on the number of claimants and the size of the Settlement Fund. When you are dealing with consumer class actions vs. employment/antitrust etc. it is anybody's guess how many people will file. Often what is done in big cases like this is the fund is divided amongst a) attorneys' fees/costs (typically 1/3 of the fund but can be any amount), b) Incentive awards to the named plaintiffs (in this case a few grand but again lots of variance there), c) Costs of administration (paid to the company that actually handles all the paperwork, filing, contacting people, website, distributing money etc.), d) class payments and e) Cy pres payments (often but certainly not always).

Sometimes the cy pres payment, which effectively means "as close as we can get", is predefined in the terms of the settlement and sometimes it is the residual for unclaimed amounts. This money is usually paid to charities in place of paying members of the class when the size or complexity of the class is so great that the cost of contact would outweigh the benefit to the individual. Either way it sounds like in this case what the individual payments might be is dependent on filing, so if a thousand people file the payments would be pretty big, but they could also just make it a predetermined fixed amount and give anything unclaimed to cy pres. Ultimately what I am getting at is if you want to get a feel for the value of claiming for a cash payment it is more helpful to really read the settlement agreement than base your predictions on previous outcomes, because cases are handled so differently and have different filing expectations.

 

[grateful1]

I nearly opted for that 6+ plan, but in the end, I think there is more value in 3 months of unfettered access to my rating than what kibbles of cash come down to the bottom rung. I'd be curious to know how much you receive, when you receive it, if you don't mind. Just curious. It may affect how I act on future class action settlements similar to this one.

It really varies based on the number of claimants and the size of the Settlement Fund. When you are dealing with consumer class actions vs. employment/antitrust etc. it is anybody's guess how many people will file. Often what is done in big cases like this is the fund is divided amongst a) attorneys' fees/costs (typically 1/3 of the fund but can be any amount), b) Incentive awards to the named plaintiffs (in this case a few grand but again lots of variance there), c) Costs of administration (paid to the company that actually handles all the paperwork, filing, contacting people, website, distributing money etc.), d) class payments and e) Cy pres payments (often but certainly not always).

Sometimes the cy pres payment, which effectively means "as close as we can get", is predefined in the terms of the settlement and sometimes it is the residual for unclaimed amounts. This money is usually paid to charities in place of paying members of the class when the size or complexity of the class is so great that the cost of contact would outweigh the benefit to the individual. Either way it sounds like in this case what the individual payments might be is dependent on filing, so if a thousand people file the payments would be pretty big, but they could also just make it a predetermined fixed amount and give anything unclaimed to cy pres. Ultimately what I am getting at is if you want to get a feel for the value of claiming for a cash payment it is more helpful to really read the settlement agreement than base your predictions on previous outcomes, because cases are handled so differently and have different filing expectations.

Who the H*LL took over Phil's account?