In settling a long-running class action lawsuit, credit reporting agency TransUnion will soon be offering free credit scores to virtually everyone whose held credit over the last 20 years:

More than 160 million Americans would be able to learn their all-important credit scores at no charge - and with no strings attached - under a settlement by credit reporting giant TransUnion Corp. of a long-running class-action lawsuit.

The agreement would entitle consumers to at least six months of a TransUnion monitoring service, giving them access to the latest information in their credit reports as well as their current scores at any time.

The service also would notify consumers by e-mail of significant changes to their files, including reports of late payments or accounts opened in their names. The latter information could help thwart attempted identity theft.

TransUnion normally sells the service for $59.75 or more, giving the settlement a value that could top $10 billion.

In its press release (in which it attempts to spin this settlement as a great thing for the company, TransUnion lays out who is eligible:

The Class includes all individuals who had an open credit account or an open line of credit from a credit grantor (including, for instance automobile loans, bank credit cards, department store credit cards, other retail store credit cards, finance company loans, mortgage loans, and student loans) located in the United States anytime from January 1, 1987 to May 28, 2008.

In other words, if you've used credit at all over the past 20 years, you're eligible.

A Web site has been set up for those who want to claim their free credit reports / credit monitoring. You can't actually register until June 16th, but bookmark it now: http://www.listclassaction.com.