By Kimberly Connella   |   July 29, 2019   |   0 Comments

Equifax Data Breach Settlement

Equifax has agreed to pay up to $425 million in a settlement to those affected by one of the largest data breaches in history. Many affected people are still unaware of both the breach and their eligibility for compensation.

In September 2017, Equifax disclosed a data breach that exposed the personal information of 147 million people.

Now, the settlement finally allows them to get reimbursed. Millions of consumer data such as birth dates, social security numbers, and credit card details were compromised.

Many people have suffered from fraud and identity theft after Equifax failed to protect their information.

147 Million People Affected: Were you one of them?

Many people who had their data stolen still don’t know it.

You can use this tool, provided by Equifax and verified by the Federal Trade Commission (FTC), to find out if you were affected.

The settlement has deadlines which we get into below. It only takes a few seconds to file a claim online.

What are your options for settlement?

The Equifax data breach settlement offers 10 years of free credit monitoring or a minimum $125 cash payment.

Equifax is offering at least 4 years of free monitoring of your credit report at all three credit bureaus (Equifax, Experian, and TransUnion) and $1 million in identity theft insurance.

For reference, 3-bureau credit report monitoring costs roughly $20 per month. Therefore, 4 years of monitoring is roughly a $1,000 value.

If you were a minor in May 2017, you are eligible for up to 18 years of free credit monitoring.

If you use the tool and realize you’ve been impacted, you can file for either options here.

A $ 20,000 Payment

If you can prove you suffered fraud or identity theft as a result of the breach, you are eligible for up to $20,000.

Equifax will pay up to $25 per hour for up to 20 hours of time customers had to spend safeguarding their data.

However, it’s unclear what documents, if any, Equifax will require for verification of this in the future.

Settlement Deadlines:

Finally, you must file your claims by January 22, 2020 to get reimbursed.

The claims process has started.

If you think your damages from the breach exceed $20,000, you should talk to an attorney, and opt-out of the settlement so you may sue on your own.

You must opt-out by November 19 and file a claim by January 22.

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