Free credit reports to all

(Tom Corbett is Pennsylvania Attorney General. He's a former prosecutor who took office in 2005.)

Pennsylvanians should review information about a recent legal settlement which could give consumers access to a free version of their credit score.

One of the major U.S. credit bureaus, TransUnion, recently agreed to provide virtually every adult in America with access to under a proposed settlement for a class-action lawsuit. The settlement stems from allegations that TransUnion sold consumers' personal information without their permission in the early 1990s.

Credit scores are a useful tool -- especially when combined with other credit report information -- helping consumers gauge how potential lenders and creditors may view them. Federal law already gives consumers the right to a free copy of their credit report every year, but credit bureaus are allowed to charge a fee for your actual credit score.

This settlement with TransUnion affects all consumers who had an open credit account or line-ofcredit between Jan. 1, 1987 and May 28, 2008. That means anyone with a car loan, credit card, department store card, student loan, mortgage or other form of credit during that time frame (an estimated 160 million consumers) is eligible.

TransUnion has agreed to provide several options to consumers who chose to participate in the proposed settlement.

These options include two different levels of free credit monitoring services: one that is available for six months and includes access to a credit score from TransUnion; another that is an "enhanced" nine months of free credit monitoring services, which includes access to a credit score and other services, including a mortgage simulator.

Consumers who choose the enhanced option will give up their right to sue TransUnion for the claims asserted in the lawsuits. They also agree to give up their chance of receiving a possible monetary payment at a later time from a settlement fund to be established by TransUnion.

The settlement is subject to court approval in September, but consumers can review information now and submit a form indicating which settlement benefits, if any, they wish to receive. Details are available by calling 1-866-416-3470.

All consumers, regardless of whether they participate in the settlement, are eligible for free annual credit reports through http://www. annualcreditreport.com.

These reports provide valuable information about your credit history and can also help identify possible instances of identity theft.

Consumers who are interested in knowing their credit score, but would rather not pay for the information, should consider whether participation in the TransUnion settlement is right for them. Additionally, several websites offer free credit score simulators which can give you an estimate of your actual score without disclosing personal information.