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How much is the settlement with Equifax worth?
They've negotiated a settlement with Equifax that entitles all victims to 10 years of free credit monitoring or $125. Here's how to make sure you get yours.
What does Sunday’s Equifax settlement mean for consumers?
Sunday’s communication from Equifax’s settlement administrator means that consumers who filed their claim before the FTC spelled out the consequences of the capped settlement amount now have a second chance to opt for the credit monitoring. Like this story? Subscribe to CNBC Make It on YouTube!
Did Equifax deny your claim for $125 cash payout?
Yet on Sunday, consumers who filed for the $125 cash payout were sent an email with the subject line: “Your Equifax Claim: You Must Act by October 15, 2019 or Your Claim for Alternative Compensation Will Be Denied.”
How much can you get from a credit card breach settlement?
Under the terms of the settlement, affected consumers could potentially get up to $20,000 in reimbursement. But even if you didn’t suffer any direct harm from the breach, you could claim free credit monitoring or a cash payout of up to $125 if you already have credit services in place.
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What does Sunday's communication from Equifax's settlement administrator mean?
Sunday’s communication from Equifax’s settlement administrator means that consumers who filed their claim before the FTC spelled out the consequences of the capped settlement amount now have a second chance to opt for the credit monitoring.
When do you have to act on an Equifax claim?
Yet on Sunday, consumers who filed for the $125 cash payout were sent an email with the subject line: “Your Equifax Claim: You Must Act by October 15, 2019 or Your Claim for Alternative Compensation Will Be Denied.”. Under the new requirements, consumers have two options: verify their claim by providing more information or amend their paperwork ...
What is the Equifax cyber security incident?
A mobile phone open to the web site of credit bureau Equifax, with text on the website reading ‘Equifax Cybersecurity Incident’, providing steps for consumers to take following a security breach in 2017 that affected 143 million Americans .
How much did Equifax pay for data breach?
In July, credit bureau Equifax agreed to pay nearly $700 million over its massive 2017 data breach. Under the terms of the settlement, affected consumers could potentially get up to $20,000 in reimbursement.
When will my unemployment claim be rejected?
If you do nothing before Oct. 15, 2019, your claim will be completely rejected.
Can you amend a claim with Equifax?
You can also opt to amend your claim and select the free credit monitoring option instead of the cash payout. If you don’t want to use Equifax’s designated website to update your claim, you can also send the settlement administrator a letter that includes your full name, claim number and zip code at the following address:
How much did Equifax pay for the security breach?
The Federal Trade Commission and Equifax reached an agreement at the end of July for Equifax to pay at least $575 million and up to $700 million to compensate those whose personal data was exposed with the breach of the Equifax servers. As part of the settlement, you can file a claim to be compensated for the costs of recovering from the security breach -- including any costs associated with the theft of your identity and freezing and unfreezing your account-- and compensation of unauthorized charges to your banking accounts. The agreement caps payouts at $20,000 per person.
What information was stolen from Equifax?
The data breach of Equifax resulted in hackers accessing personal information on the credit report servers of 147 million consumers, including driver's license information, social security numbers and birthdates.
How do you verify or amend your claim?
Once you do, you’ll have an option to verify your claim by entering the name of the credit monitoring service you were using when you filed your claim and that you will have for at least the next six months.
Is Equifax a scam?
Although the email may look suspicious, it’s not a scam — it’s important to read the email and follow the instructions closely so your claim can be processed.
What does it mean when Equifax settles with the FTC?
A settlement with the FTC means Equifax will pay victims of its breach $125 or more. Make sure it pay ups. Save this story for later.
How long does Equifax monitor credit report?
The settlement specifically allows for "at least four years of free monitoring of your credit report at all three credit bureaus (Equifax, Experian, and TransUnion)" and then "up to six more years of free monitoring of your Equifax credit report.". That's not as comprehensive as it sounds at first. At least, though, during the four years ...
How much compensation can you get for identity theft?
People who have already suffered identity theft or other damages as a result of the breach and have documentation to back it up are potentially eligible for up to $20,000 in compensation.
What is the Equifax data breach?
In September of 2017, Equifax announced a data breach that exposed the personal information of 147 million people. The company has agreed to a global settlement with the Federal Trade Commission, the Consumer Financial Protection Bureau, and 50 U.S. states and territories.
How do you file a claim?
You can go to the settlement website to make a claim, or link to it from the FTC page on the settlement.
When do you need to respond?
Your deadline to opt-out is November 19, and your deadline to file a claim based on this settlement is January 22. ( from the CNN article on the issue)
How much did Equifax spend on data security?
Equifax also promises to spend $25 million on strengthening its data security and will pay the administrative and legal costs for the banks involved in the settlement. Granted, most individuals will see very little money from the settlement, if any.
Will Equifax pay you $125?
You’re probably not going to get your $125 from the Equifax settlement. Equifax is indeed paying out right now—but not to you. Instead, the company has finally agreed to pay the banks ( PDF) for the inconvenience of having to cancel and reissue millions of credit and debit cards, The Register points out.
How to file an Equifax claim?
You may do so electronically by clicking the “File A Claim” button or you may complete a paper claim form and submit it via snail mail. Should you need a form mailed to you, you may contact the settlement administrator to have a form mailed to you.
How many people were affected by the Equifax breach?
If you were among the more than 145.5 million people whose information was compromised as a result of the Equifax data breach which took place in 2017, the FTC announced on July 21 that it has reached a settlement deal with Equifax, the Consumer Financial Protection Board, and all 50 states that are meant to compensate victims of this breach.
The Equifax Breach
As mentioned earlier, Equifax was impacted by a breach in 2017 that leaked extremely sensitive personal details for nearly 143 million customers.
Filing a Claim
First off, you need to figure out if you’re eligible to file a claim. You can do so at this website — just enter your surname and the last 6 digits of your social security number.
