Are You Eligible For The Equifax Breach Settlement?


Remember the huge Equifax security breach that exposed the Social Security numbers and other info of nearly 150 million people in 2017? If you were one of them, youíll be pleased to hear that a class action settlement is almost a done deal.

In a recently announced settlement, Equifax will pay up to $700 million to settle with the Federal Trade Commission and others. Itís a mix of legal fines, government fees and compensation for impacted consumers. The deal is awaiting approval by a Federal Court. Once that happens, the proposed settlement will allow the Consumer Financial Protection Bureau to provide up to $425 million in monetary relief to consumers. It also includes a $100 million civil money penalty and other relief.

CONSUMER COMPENSATION

If you were impacted by the breach you could be eligible for:

  1. Free Credit Monitoring or $125 Cash Payment. You can get free credit monitoring services. Or, if you already have credit monitoring services that will continue for at least 6 more months, you can request a $125 cash payment.

    NOTE: A July 31, 2019 FTC blog post notes that the public response to the settlement has been overwhelming. Because the amount of money set aside for the cash payment option is capped at $31 million, consumers who select that option may not receive the $125 they had expected.




    For those who have not submitted a claim, the FTC is recommending that affected consumers consider choosing the free credit monitoring service, which is worth hundreds of dollars and comes with identity theft insurance and restoration services.

  2. Other Cash Payments. You may also be eligible for the following cash payments up to $20,000 for:
    1. the time you spent remedying fraud, identity theft, or other misuse of your personal information caused by the data breach, or purchasing credit monitoring or freezing credit reports, up to 20 total hours at $25 per hour.
    2. out-of-pocket losses resulting from the data breach.
    3. up to 25% of the cost of Equifax credit or identity monitoring products you paid for in the year before the data breach announcement.

  3. Free Identity Restoration Services: You are eligible for at least 7 years of free assisted identity restoration services to help you remedy the effects of identity theft and fraud.

FTC SETTLEMENT WEBSITE

Consumers can find out more about the settlement, sign up for alerts and file a claim at ftc.gov/Equifax. Youíll need to enter some personal information to see if you are eligible, your last name and last six digits of your SSN.

WATCH OUT FOR SCAMS

Make sure you only use the Federal Trade Commission settlement website. In this tweet, the FTC warns consumers to be wary of fake websites that claim to be the settlement website:



Also note, the FTC says you never have to pay to file a claim for these benefits and if youíre getting a call from someone who is trying to get you to file a claim over the phone itís a scam.

For more on what to do if your identity has been stolen click here.

Related Articles
Kevinís
Kevinís Famous Holiday Recipes
We always put these recipes in the newsletter around Thanksgiving and Christmas, so with turkey day just a few weeks away, it might be time to plan ahead.

Just a little history, back from the d... More ›
25
25 Top-Selling SUVs Through November 2019
The SUV craze continues in America with very strong sales for November and a huge increase for the first eleven months of 2019 versus the same period in 2018, which was a record for SUV sales.

... More ›
2020
2020 Hyundai Palisade Wins 3-Row SUV Challenge
The results of Cars.com's 2020 3-Row SUV Challenge are in, and the 2020 Hyundai Palisade raced to the head of the pack, winning top honors. The Challenge put seven of the most popular mid-size three-r... More ›
Cadillac
Cadillac Launches New Digital Showroom
Ho hum, how many times has this been tried? People like to do some research online, but still want to visit a dealership to experience a vehicle they are interested in. Still, Cadillac is trying onc... More ›
There haven't been any comments left on this blog yet. Be the first to add one!.