AMERICANS have hours remaining to get their share of a massive $23 million settlement.
To find out if you are eligible to claim or not, you need to keep an eye out for a specific type of letter.
GettyAmericans have hours remaining to get their share of a massive $23 million settlement[/caption]The deadline is fast approaching for Americans to claim on a class action action lawsuit against TransUnion.
The credit bureau has been accused of violating the Fair Credit Reporting Act.
This act “protects information collected by consumer reporting agencies such as credit bureaus, medical information companies and tenant screening services.
“Companies that provide information to consumer reporting agencies also have specific legal obligations, including the duty to investigate disputed information.
“In addition, users of the information for credit, insurance, or employment purposes must notify the consumer when an adverse action is taken on the basis of such reports.”
TransUnion has been hit with accusations that it did not correctly investigate consumer disputes of hard inquiries on their credit files.
A hard inquiry refers to when a credit lender checks to assess if they should lend to you, which can temporarily lower your credit score.
Typically, credit bureaus have 30 days following a complaint to investigate and resolve disputes.
Consumers must be notified of the results within five business days.
It is not clear exactly what disputes consumers had with TransUnion’s hard inquires.
MILLIONS OF DOLLARS
As a result of consumer dissatisfaction over the checks, TransUnion has agreed to pay $23 million to settle the claims.
A spokesperson for TransUnion told NJ Advance Media: TransUnion has agreed to certain process changes regarding consumer challenges to hard inquiries that we feel are consistent with our commitment to put consumers first.”
As a part of the settlement, those who are eligible to claim should have received a “502 Letter” in response to their complaint.
Those eligible to claim were involved in an inquiry dispute between December 5, 2016 and January 31, 2025.
What's a class-action settlement?
Class action lawsuits offer groups of people, or 'classes,' a way to band together in court.
These suits are often brought by one or a few people who allege a company or other entity has wronged a large group of people.
When a suit becomes a class action, it extends to all “class members,” or people who may have similar complaints to those who filed the suit.
Companies often settle class actions – offering payment to class members who typically waive their right to pursue further legal action by accepting money.
These payout agreements frequently include statements by the defendant denying wrongdoing. Companies tend to settle class actions to avoid the costs of further litigation.
Pollution, discrimination, or false advertising are a few examples of what can land a class action on a company’s doorstep.
There are thought to be around 485,000 class members.
All plaintiffs will receive a minimum payment of $20 to $30 without needing to file a claim.
Those who experienced certain harms as a result of TransUnion’s alleged violation can claim a higher payment.
This will be calculated based on how many valid claims are received, with the maximum payout thought to be $160.
Americans need to act quickly if they wish to submit a claim because there is not much time left.
The claim form deadline is set for Tuesday, June 24 and the final approval hearing will take place on July 21.
You can submit a claim form here.
If you did not receive a 502 Letter, you should submit an application and you will not be considered for any sort of payout.
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