How You Can Cash in on the Equifax Settlement
The 2017 Equifax data breach compromised the personal information of 147 million people. Now, the credit reporting company is trying to make amends.
In July 2019, Equifax agreed to pay $671 million dollars in the largest data breach settlement ever. This settlement is the outcome of numerous class-action lawsuits and investigations brought against the company by the Federal Trade Commission, the Consumer Financial Protection Bureau, the New York Department of Financial Services, and the attorneys general of 48 states.
What's Included in the Settlement?
Up to $425 million will be used to establish a fund that will provide:
- Credit Monitoring: Up to 10 years of free credit monitoring from all three credit bureaus.
- Identity Theft Insurance: Up to $1 million of identity theft insurance for those affected by the breach.
- Cash Payments: A $125 cash payment if you’re already signed up for credit monitoring services.
- Reimbursement: Up to $20,000 per person for any financial losses from the breach, including time spent dealing with it.
"No amount of money can possibly cover all the damage," said Ira Rheingold, executive director of the National Association of Consumer Advocates. "But I hope a lot of consumers take advantage of it."
How to File a Claim
Consumers can file a claim here. The process takes approximately two minutes to complete. To prove identity theft, consumers will need documentation of stolen data. Claims must be filed by January 22, 2020, to get compensation.
Steps to File a Claim:
- Visit the Settlement Website: Go to the official Equifax breach settlement website.
- Fill Out the Claim Form: Provide the necessary information and documentation.
- Submit Your Claim: Ensure all information is accurate before submission.
Additional Benefits
Equifax has also agreed to take significant steps to enhance its security. Rheingold emphasized the importance of this aspect of the settlement:
"It shows the steps Equifax needs to take to protect people," he said. "It’s a promise that they will behave better."
Have You Been a Victim of Identity Theft?
Not sure if you've been a victim of identity theft? Here's how to tell:
- Unexpected credit or debit card charges
- Bills or collection notices for services you didn’t use
- Calls from debt collectors about debts that aren’t yours
- Denied credit applications
Want more money info? Check out our finance blogs.
Description: A person reviewing the Equifax settlement details on a laptop.
Conclusion
The Equifax settlement offers significant compensation and credit monitoring services to those affected by the 2017 data breach. By understanding the benefits included and filing a claim promptly, you can take advantage of the financial and protective measures provided.
