Credit bureaus giving people a break on credit scores and automakers paying big for Takata Airbags.

One for the Money: iPhone anniversary, Takata reaches settlement

Takata Airbag Settlement

I've covered at lot of class action settlements but this Takata one is pretty crazy when it comes to class actions.

If you own a car with a Takata airbag, you could get $500 as part of a huge settlement with some car makers. Consumers rarely get that much money from these settlements.  And in this case, there are 16 million people eligible.

Toyota, BMW, Subaru and Mazda agreed to pay $553 million dollars to compensate drivers for costs they incurred for renting or buying replacement cars while waiting for the airbags to be replaced.

11 people were killed and more than 180 injured in the U.S., allegedly because the airbags exploded and sent shrapnel everywhere.


Better Credit Scores for Customers

Now here's another way consumers may end up with some extra cash.

For those who have a tax lien or a civil judgment on their credit report...which is about twenty million people...they might soon be gone.

This Saturday the three major credit bureaus, Transunion, Equifax and Experian, will start requiring more documentation for those kinds of records.

That means all civil judgments and more than half of all tax liens will be wiped from people's reports.
The average person’s credit score will rise about 10 points. And that translates to money because the better your score, the more likely you are to get credit and loans at lower interest rates.

So definitely review your credit report on a regular basis to make sure bad information is removed and there are no mistakes, which can wind up costing you money.

And that’s One For The Money.

© 2017 WKYC-TV


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