If you are eligible, your next stop is the Equifax website set up for people wishing to file a settlement claim. Even if you don't care about the cash or the free monitoring, you should go through this process. Accepting one of the settlement options means you're waiving your right to later sue Equifax (say, if your identity is stolen).
Full Answer
When will Equifax pay settlement?
Settlement benefits for eligible time spent and out-of-pocket losses are likely to begin issuing in fall 2022. The Equifax Data Breach Settlement website will provide updates. If you still have your claim number, you can enter it on the website and check the status of your claim.
When can I expect my Equifax settlement check?
We have a guide for how to prepare and file your claims and what the settlement payments can cover. The earliest you can expect to receive benefits, the FTC said, is the day after the submission deadline: Jan. 23, 2020.
Does Equifax owe me money?
JACKSON, Miss. (WLBT) - It’s been two years since the Equifax data breach and now they may owe you money. Depending on how involved you got after initial word of the Equifax breach, financial advisor Nancy Anderson says you could qualify for even more than the $125 dollar minimum, even without receipts.
What you should know about the Equifax breach settlement?
The Federal Trade Commission (FTC) has issued a consumer alert regarding the Equifax Data Breach. In September 2017, Equifax announced a data breach, which affected the personal information of 147 million people. Under a recent settlement filed, Equifax agreed to spend up to $425 million to help people affected by the data breach.
See more
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.
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 the 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 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.
Where is my Equifax check?
You can also log into your myEquifax account and view your status by clicking the “check status of a dispute” button. If you are checking your status by mail or phone, please make sure you have the confirmation number that was provided to you when you submitted your dispute.
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 ...
Can I trust Equifax?
Trusted: Equifax is one of the major credit bureaus and has a highly regarded reputation.
How long did the Equifax breach last?
76 daysThe activities went on for 76 days until July 29, 2017 when Equifax discovered the breach and subsequently, by July 30, 2017, shut off the exploit. At least 34 servers in twenty different countries were used at different points during the breach, making tracking the perpetrators difficult.
How do I know if I was part of Equifax breach?
Equifax has created a website where you can find out if you have been affected by the breach. The website will ask you for the last six digits of your social security number and your last name, and then will tell you if you have been affected. You can also call 1-833-759-2982.
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.
Do retailers earn affiliate commissions?
When you shop through retailer links on our site, we may earn affiliate commissions. 100% of the fees we collect are used to support our nonprofit mission. Learn more.
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.
1. When will I get my benefits?
The settlement became final in January 2022. Soon after, the settlement administrator began sending emails and letters to people who filed a valid claim and requested free credit monitoring. Claims for other settlement benefits are under review. We will provide updates when they become available.
2. How will I get my benefits?
For free credit monitoring, you will get an activation code with instructions by email or mail.
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.
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.
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.
Top credit card wipes out interest until 2023
If you have credit card debt, transferring it to this top balance transfer card secures you a 0% intro APR into 2023! Plus, you'll pay no annual fee. Those are just a few reasons why our experts rate this card as a top pick to help get control of your debt. Read our full review for free and apply in just 2 minutes.
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.
