Just make sure you maximize your disbursement by filing for everything you can in your claim. Equifax's data breach reimbursement system: It's just like Vegas. Featured Video For You
Full Answer
What does the Equifax settlement mean for You?
A settlement with the FTC means Equifax will pay victims of its breach $125 or more. Make sure it pay ups. If you're one of the 147 million people in the United States affected by the egregious Equifax credit bureau hack in 2017, you were probably resigned to getting some free credit monitoring out of it and moving on.
What is the Equifax data breach settlement?
In September of 2017, Equifax announced it experienced a data breach, which impacted the personal information of approximately 147 million people. A federal court approved a class action Settlement that resolves lawsuits brought by consumers after the data breach. Equifax denied any wrongdoing and no judgment or finding of wrongdoing was made.
How do I switch to credit monitoring after the Equifax settlement?
That’s because the settlement with Equifax was just approved by a court. So now, if you signed up for credit monitoring as part of that settlement, you can take a few steps to switch it on. The email or letter tells you how. Learn more at the FTC’s official site for information: ftc.gov/Equifax.
What happened to Equifax?
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.
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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.
When did Equifax breach?
In September 2017 , Equifax announced a breach that exposed the personal data of approximately 147 million people. If your data was impacted, under a legal settlement, you may claim free services and payments.
How long does it take to get a free credit report from Equifax?
You can get six free credit reports from Equifax in a 12-month period, for seven years beginning January 2020. These are in addition to the free reports you’re already entitled to under the law.
Can you request reimbursement for Equifax?
You can request reimbursement if you spent money, for example: For certain Equifax products before the breach. To freeze or unfreeze your credit. For credit monitoring services. Dealing with fraud or identity theft after the breach.
How much did Equifax pay for the data breach?
As part of its $700 million settlement with the commission, Equifax set aside more than $500 million to compensate the millions of victims of the data breach.
How much money can you claim for identity theft?
If you were the victim of identity theft and it cost you a significant amount of money, it makes sense to gather the receipts and other supporting documents required for a claim that approaches the $20,000 individual limit.
How to find out if your Social Security number was exposed?
Step 1: Use this link to access the claim process . Then scroll down to "Find Out if Your Information Was Impacted" and click on that link. After entering your last name and the last six digits of your Social Security number, you'll instantly get an answer about whether your data was exposed and you're eligible to make a claim.
Is Equifax doing credit monitoring?
For consumers skeptical about accepting the credit monitoring, Lacey explains, "it’s not Equifax doing the work; it’s their competitors doing it on their behalf."
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Can you report credit monitoring expenses?
In a Monday press conference, the FTC announced that consumers would be able to report some credit monitoring expenses and the time they spent resolving issues raised by the breach without having to submit receipts or other records.
What happens if you are impacted by Equifax?
If you were impacted by the Equifax data breach, you may seek reimbursement for valid Out of Pocket losses or Time Spent (excluding losses of money and time associated with freezing or unfreezing credit reports or purchasing credit monitoring or identity theft protection) incurred during the Extended Claims Period if you have not received reimbursement for the claimed loss through other means.
When does the settlement become effective?
The Settlement will become effective after all appeals have been resolved in favor of the Settlement. If you requested a cash benefit during the Initial Claims Period, the amount you receive may be significantly reduced depending on how many valid claims are submitted by other class members.
When is the deadline to file a claim against Equifax?
The deadline to file a claim for Out-of-Pocket Losses or Time Spent that occurred through January 22, 2020 has passed.
When is the deadline for Equifax?
If you are a class member, the deadline to file Initial Claims Period claim (s) for free credit monitoring or up to $125 cash payment and other cash reimbursement passed on January 22, 2020.
When is the extended claim period for credit monitoring?
You may seek reimbursement for valid Out-of-Pocket Losses or Time Spent (excluding losses of money and time associated with freezing or unfreezing credit reports or purchasing credit monitoring or identity theft protection) incurred during the Extended Claims Period (between January 23, 2020 and January 22, 2024) if you have not received reimbursement for the claimed loss through other means.
Is the Equifax settlement final?
By order of the Court, the Settlement cannot become final until the appeals of the remaining objectors are resolved. In September of 2017, Equifax announced it experienced a data breach, which impacted the personal information of approximately 147 million people.
When is the extended claim period for out of pocket loss?
To be eligible, your claim for Out-of-Pocket Losses or Time Spent must occur between January 23, 2020 and January 22, 20 24(the “Extended Claims Period”).
