Your credit rating is an important element in your finances. If you want to buy or rent a home, lease a car, or obtain a loan or credit card, your credit rating is one of the primary factors a lender considers. Inaccurate information on your credit report could hurt your chances of getting a loan or credit card and result in you paying a higher interest rate.
TransUnion, one of the leading credit reporting agencies, has been accused of inaccurate reporting. Recently, the U.S. District Court for the Eastern District of Virginia approved a nationwide Settlement with TransUnion related to claims that it included inaccurate public records on its credit reports and failed to disclose the vendor from whom it obtained public record information.
TransUnion has established an Alternative Dispute Resolution Program (“ADR Program”) for consumers who were injured by a TransUnion credit report containing an inaccurate civil judgment or tax lien. If consumers were harmed by the inaccurate report, they can get an automatic payment of $1,500. Consumers who previously disputed the inaccurate record can receive an additional $500. Affected consumers can participate now, and the ADR Program is available until March 20, 2020.
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