Is Fraud Shield Settlement a Scam? Lawsuit Against Experian Information Solutions
The Fraud Shield Settlement is not a scam. There is a proposed expansion of the previously approved Settlement in a class action lawsuit against Experian Information Solutions, Inc. ("Experian"). The lawsuit claims that Experian did not take steps to make sure it accurately reported certain Fraud Shield Indicators.
Specifically, the lawsuit alleges that Experian violated the Fair Credit Reporting Act when it: (1) incorrectly reported some consumers' residential addresses as high-risk or non-residential, (2) did not have procedures to make sure that it reported Fraud Shield Indicators accurately (or correctly), and (3) did not stop reporting adverse information (that hurts your creditworthiness) after seven years. Experian denies it did anything wrong. The Court has not decided whether either side is right or wrong.
On April 27, 2022, the Court approved a Settlement in this class action that resulted in Experian making certain changes to its business practices. However, that Settlement did not resolve all class claims brought against Experian. After further negotiations, the parties agreed upon additional changes to Experian's business practices and resolution of money damages claims.
Who is a Rule 23(b)(3) - Money Settlement Class Member?
You may be eligible for a payment from the Settlement if:
- you were likely affected by Experian's reporting of certain Fraud Shield Indicators from July 1, 2018 through July 31, 2021; or
- if you, from July 1, 2018 to July 31, 2021, contacted Experian to inquire about and/or dispute a non-residential or high-risk address indicator.
What does the Settlement Provide?
The Settlement will provide $22,450,000 to pay:
- money to eligible Class Members;
- any court-approved attorneys' fees and expenses;
- a Class Representative service payment; and
- administrative and notice costs.
Anyone who was not affected by Experian's Fraud Shield reporting or who did not dispute a non-residential or high-risk address indicator is not eligible to receive any money.
To submit a claim or for more information, please only go to www.fraudshieldsettlement.com
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