should i take equifax settlement

If your Equifax data was compromised, but you didn’t spend time or money on it, you’re still eligible for a small settlement benefit. You have the opportunity to receive at least four years of free credit monitoring from the three nationwide credit bureaus (Equifax, Experian, and TransUnion

) and $1 million of identity theft insurance.

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Did anyone get money from Equifax?

Court Approves Equifax Breach Settlement: Money for Some, Free Credit Monitoring for All. Equifax will pay up to $425 million in restitution to those directly impacted by the massive data breach of the credit bureau in 2017. A federal court gave final approval to the class-action lawsuit settlement in mid-January.

How much will each person get from Equifax settlement?

Under the settlement terms, Equifax agreed to set up a fund to provide free credit monitoring and identity theft protection to consumers, as well as provide cash payments to people affected by the breach—up to $20,000 per person.

Will I get $125 from Equifax?

Equifax denied any wrongdoing and no judgment or finding of wrongdoing was made. 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. The Settlement is now effective.

Has Equifax settlement been paid?

Equifax data breach settlement. In 2017, Equifax announced a breach that exposed the personal data of approximately 147 million people. The legal settlement is now final. Here's how you can use the services provided through the settlement to protect and monitor your credit.

Who qualifies for Equifax settlement?

You are a Settlement Class Member if you are among the approximately 147 million U.S. consumers identified by Equifax whose personal information was impacted by the Equifax Data Breach.

How much can you get from a data breach settlement?

The settlement includes up to $425 million to help people affected by the data breach. The initial deadline to file a claim in the Equifax settlement was January 22, 2020.

What are the harms of Equifax?

In its complaint, the FTC alleges that Equifax failed to secure the massive amount of personal information stored on its network, leading to a breach that exposed millions of names and dates of birth, Social Security numbers, physical addresses, and other personal information that could lead to identity theft and fraud ...

What happened to the Equifax lawsuit?

In 2017, hackers broke into Equifax in a breach that exposed the financial information of 147 million Americans. A federal court in 2020 approved a $380 million settlement of class actions lawsuits, with no finding or judgment of wrongdoing made.

How much did Equifax pay for data breach?

In fact, the credit reporting agency disclosed this week that it expects to pay out an additional $100 million for its role in the breach. Last year, the company set aside then agreed to pay out nearly $700 million to settle numerous federal and state investigations.

What happened to Equifax after the data breach?

In the wake of Equifax's 2017 data breach, which compromised the personal information of roughly 147 million consumers — including names, birthdates and Social Security numbers — the company ended up as the target of multiple lawsuits and reached a settlement in 2019 with the FTC, the Consumer Financial Protection ...

Does Equifax sell your information?

We use and sell personal data to nonaffiliated third parties for the following commercial purposes: Consumer credit reporting. Some of our affiliates collect, use, and sell personal data when acting as a consumer reporting agency, as this activity is regulated by the FCRA.

How much can you expect from a class action lawsuit?

A class action usually ends in a settlement as opposed to going to trial. Settlements in recent years have averaged $56.5 million.

How are class action settlements divided?

Class action lawsuit settlements are not divided evenly. Some plaintiffs will be awarded a larger percent while others receive smaller settlements. There are legitimate reasons for class members receiving smaller payouts.

What is a class action settlement notice?

The class action notice outlines the original plaintiff's claims against the defendant and the terms of the proposed settlement. California's federal courts have suggested language that attorneys should use when sending out these notices.

Is there a class action lawsuit against Desjardins?

Quebec court approves $200.9M settlement against Desjardins over data breach. The Superior Court of Quebec has approved a nearly $200.9-million settlement of a class-action lawsuit against Desjardins over a data breach — the largest to date in the Canadian financial services sector.

How much did Equifax pay in penalties?

The company has also agreed to pay $175 million in civil penalties to 48 states, the District of Columbia, and Puerto Rico, as well as $100 million to the Consumer Financial Protection Bureau (CFPB). The FTC Commissioners voted unanimously, 5-0, to take this action against Equifax.

How many free credit reports will Equifax give in 2020?

In addition, beginning in January 2020, Equifax will provide all U.S. consumers with six free credit reports each year for seven years. That's in addition to the one free annual credit report that Equifax and the two other nationwide credit reporting agencies currently provide.

Who warns consumers not to rely too heavily on credit monitoring?

Brookman warns consumers to not rely too heavily on credit monitoring.

Did Equifax respond to Consumer Reports?

Equifax had not responded to Consumer Reports' request for comment at time of publication.

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Is Equifax breach preventable?

A scathing Congressional report released in December of 2018 called the Equifax breach “entirely preventable.” The 96-page report concluded that the financial reporting company failed to properly fix a vulnerability in its database software despite being warned about the problem in early March 2017, months before the data breach.

What has Equifax done?

The company also gave consumers more control over their Equifax data and introduced a free credit-alert service.

What can consumers do with credit reports?

Examine all your listed accounts and loans to make sure that the personal information is correct and that you authorized the transaction. If you find something suspicious, contact the company that issued the account and the credit-rating agency.

What is the lawsuit against Equifax?

District Court in Oregon on Sept. 7 accuses the company of negligence by failing to take appropriate measures to protect consumer data. The suit estimates billions of dollars in losses.

How many class action suits have been filed against Equifax?

Since the Equifax breach—which involved the theft of names, birth dates, addresses, credit card numbers, and full Social Security numbers—more than 50 class-action suits have reportedly been filed against the credit bureau.

What is class action lawsuit?

Class-action lawsuits are usually initiated by lawyers on behalf of consumers who they say have been similarly harmed by a company because of fraud or other unlawful conduct.

How many credit files were compromised by Equifax?

If your personal information is among the 143 million credit files compromised in the Equifax cyberattack, you might be wondering if you have any recourse against the company.

What are the benefits of class action?

One of the biggest benefits of a class action is that it discourages companies from engaging in fraud or other illegal activities , says Myriam Gilles, vice dean at the Cardozo School of Law in New York City.

Does Equifax have class action lawsuits?

Equifax, under pressure from consumer groups, said last week that it would not prevent consumers from filing class-action lawsuits in connection with the data breach. The company said that its typical binding arbitration clause in its contracts with customers would not be applied to those affected by the data breach or to those who sign up ...

Do you have to do anything to be covered by a class action lawsuit?

You don’t need to do anything to be covered. Class-action lawsuits automatically cover everyone the court determines to be part of the class. So if you do nothing, but your data was breached, you’ll automatically be included and entitled to any benefits once the case is resolved.

The Equifax settlement options

The Equifax settlement provides two compensation options for everyone affected: 10 years of free credit monitoring or a cash payout of up to $125.

Should you choose cash or credit monitoring?

Here's the problem with taking the cash -- the fund for this alternative reimbursement only has $31 million available. That money will be divided between everyone who chooses the cash payout, which means if too many people choose this option, the payout amounts will be reduced.

Additional compensation

Whether you take the cash or credit monitoring, the settlement also allows you to claim compensation for time spent or unreimbursed out-of-pocket losses you suffered that can be traced back to the data breach.

How to file a claim

The settlement administrator has created an Equifax data breach settlement site where you can read more about it and file your claim.

Getting the most value from the Equifax settlement

When news of the Equifax settlement first broke, it wasn't clear that the cash settlements could be reduced, so there was plenty of talk about "claiming your $125". Based on the number of people who have already filed, the cash payout won't amount to much.

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About the Author

Lyle is a writer specializing in credit cards, travel rewards programs, and banking. His work has also appeared on MSN Money, USA Today, and Yahoo! Finance.

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 can you claim for time spent on Equifax?

The Equifax settlement has a provision through which victims can claim a cash payment for "time spent.". This means that you can claim a rate of $25 per hour for up to 20 hours of the time you wasted dealing with the fallout of the breach.

How much can you claim for a credit freeze?

If you spent hours researching what to do about the breach, setting up credit freezes, hopping on the phone with your bank, or doing anything else remotely relevant, you can claim up to $250 for that time without needing to show any specific evidence.

Can you still get your money from Equifax?

The Equifax settlement process has been absurd, but don't worry. You can still get your money. Photograph: David Muir/Getty Images

Does Equifax have free credit monitoring?

The free credit monitoring Equifax offered after its breach has now expired, but many states offer a list of disclosed breaches that you can check. Many of those companies have given out free credit monitoring as recompense.