The TransUnion credit dispute settlement payout is now underway, and if you’ve received a 502 Letter, you could be owed up to $160.
A major deadline is approaching fast, and eligible consumers could claim up to $160 in compensation from a $23 million settlement. The lawsuit accused the credit bureau of violating the Fair Credit Reporting Act by failing to properly investigate and respond to disputes over hard inquiries on consumers’ credit reports.
Federal law requires credit bureaus to complete investigations of such disputes within 30 days, or 45 days if the consumer submits additional info, and notify the individual of the results within five business days. But according to the lawsuit, TransUnion either dragged its feet or failed altogether to remove incorrect claims, leaving consumers stuck with inaccurate credit files.
Now, as part of the $23 million TransUnion settlement, the company has agreed to change its dispute-handling process and pay out impacted consumers. Anyone who received a “502 Letter” from TransUnion between December 5, 2016, and January 31, 2025, is included in the settlement. If that’s you, you’ll automatically get a payment between $20 and $30 depending on the total number of valid claims submitted.
But if you suffered specific harm due to how TransUnion handled your credit dispute, like being denied a loan or facing a credit score drop, you could qualify for a higher payout. Submitting a claim with documentation could get you up to $160.
TransUnion said last month it stands by its new changes: “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.”
Want your cut of the cash? The deadline is coming up soon, and the time to act is now. For more info or to submit your claim, visit the official settlement site or contact them directly at [email protected] or call (800) 657-1189.
Don’t miss your chance to hold TransUnion accountable and claim the money you’re owed.
Leo Cruz brings sharp insights into the world of politics, offering balanced reporting and analysis on the latest policies, elections, and global political events. With years of experience covering campaigns and interviewing world leaders, Leo ensures readers are always informed and engaged.
