Free Credit Report Monitoring

Each month I try to read as much financial information as I can get my hands on. Last month I read an interesting Q and A section in Kiplinger magazine which discussed free credit monitoring services. The free service is being offered due to TransUnion violating the Fair Credit Reporting Act. If you had an open credit card, car loan, mortgage, student loan or any other loan between January 1, 1987 and May 28, 2008 you are eligible to take part. Like I try to do for most services I write about on this site, I decided to give it a try.

To take part in the settlement you first go to www.ListClassAction.com. This must be done by September 24 to register. Once on the site click on “register for benefits”. You will be presented with two options. The first is six months of free credit monitoring and a cash payment if there ends up being a cash payout at the end of the settlement. This option also allows you to file an individual lawsuit against TransUnion if you choose to do so. The other option includes enhanced services. This option includes nine months of free credit reporting services.

The six month option give you unlimited access to your credit report provided by TransUnion along with your TransUnion credit score. You will also receive around the clock e-mail notification if there are any substantial changes in your credit report. Normally this service would cost you $59.75.

The nine month option gives you the free services provided in the six month option, along with several scores calculated by insurance companies. You also receive a mortgage service that will simulate what your rating would be to lenders. This service would normally cost you $115.50.

I opted for the nine month option, based on the extra three months of service. I also would like to purchase some property in the future and am curious as to what my rating would look like to lenders. Both services do not collect credit card information from you up front and will not continue the service after the free period unless you request it.

I am currently signed up for the nine month service, but have not heard any correspondence since submitting my details on the website. I will keep you posted on any updates.