( CNN ) -- You can sign up today to receive free credit monitoring services from the credit bureau TransUnion due to a settlement the company reached on a class-action lawsuit . The credit monitoring service offered by TransUnion is worth $ 59.75 , according to the settlement . Your credit score is the magic number that lenders use to determine what interest rate you will get on a loan . Want to see your score for free , anytime you wish ? How about free 24-hour credit monitoring services for up to a year ? You may be eligible for these services if you had an open line of credit from January 1 , 1987 until May 28 , 2008 . That means if you received a car loan , opened a department store credit card or took out a student loan in the past 21 years , you 'll qualify . This credit monitoring service will give you unlimited access to your credit report and your TransUnion credit score . You 'll also get a notice by e-mail if there have been any significant changes to your credit report , like delinquent accounts or if someone tries to open an account in your name . There are two kinds of service that you can choose : . Basic service : This would provide six months of the credit monitoring service with unlimited access to your TransUnion credit report and TransUnion credit score . According to the settlement , this has a retail value of $ 59.75 . If you select this service , you 'll also be able to apply for a cash payment from the settlement fund . Enhanced service : This would provide nine months of credit monitoring services , plus a mortgage simulator service . This simulator lets you see what your mortgage rate would be based on your credit score . The service also includes access to your insurance score . This is the score that some insurance companies use to determine your rate . This option is valued at about $ 115.50 . If you select this option , you will not be eligible for a cash payment . But some experts say the value of this benefit is limited . `` The score you 're being shown is n't your FICO score , '' says credit expert John Ulzheimer . And the FICO score , established by Fair Isaac , is the score that most lenders look at when extending credit . The difference between your TransUnion credit score , called TransRisk , and your FICO score wo n't be drastic . But , there could be a difference of 40-50 points , says Ulzheimer . Another problem is that there are n't many lenders who use this credit score , says Ulzheimer . In fact , he speculates that less than 5 percent of lenders will use it . `` Small lenders like credit unions or local banks may look at this score , '' he says . There are simulated credit scores that you can get for free without having to give away personal information . Check out bankrate.com or credit.com . And of course , you can get your credit report from all three credit bureaus for free every year at AnnualCreditReport.com . The value in this kind of offering is that you can get an estimate of your credit standing . Consumer advocates are concerned this could cause confusion . `` I expect there are lots of people under the impression that they have excellent credit [ who ] get shocked when they get a car loan for much more than those with truly excellent credit would receive , '' says Joe Ridout of Consumer Action , a nonprofit consumer advocacy organization . However , consumers will benefit from having their credit monitored for free . `` TransUnion has a reputable monitoring service , '' says Ulzheimer . Sometimes consumers will like the experience of being updated on their credit report . Other consumers will just shrug . In the end , it 's nice to have free three months of anything . The deal ends a class-action lawsuit that was filed after TransUnion sold customer information in the form of marketing lists to other businesses . The company says it discontinued that practice in 2001 . TransUnion denied any wrongdoing . Under the terms of the agreement , the company will set up a $ 75 million fund to spread the word about the settlement and to pay attorneys and other claims . You can file your claim beginning June 16 . Go to the Web site at www.listclassaction.com . You can also call the TransUnion settlement number at ( 866 ) 416-3470 .
You can now apply to get free credit bureau services for a short period . The case is part of a larger settlement against TransUnion . Credit bureau was accused of using credit information to create , sell marketing lists . Selling the information is violation of Fair Credit Reporting Act .