Consumers affected by the Equifax Security Breach are eligible for at least 10 years of free credit monitoring service, plus at least 7 years of identity restoration, also for free, if you are a victim of identity theft. If you choose to use a different credit monitoring service, you could be reimbursed up to $125 for that cost.
Full Answer
What to do after the Equifax breach?
- Work to help consumers (you can offer credit monitoring or other services)
- Increase your cybersecurity measures to prevent future attacks
- Show your customers how you are improving security through open communication and a commitment to transparency
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.
How to take advantage of the Equifax data breach settlement?
- Get a free credit report at www.annualcreditreport.com or by calling 877-322-8228.
- Call the Equifax Settlement Administrator at 1-833-759-2982.
- Take advantage of any free services being offered as a result of the breach.
- Use two-factor authentication on your online accounts whenever available.
- Consider a credit freeze.
How much will the data breach cost Equifax?
The credit bureau Equifax will pay about $650 million — and perhaps much more — to resolve most claims stemming from a 2017 data breach that exposed sensitive information on more than 147 million consumers and demonstrated how little control Americans have over their personal data.
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What is the Equifax settlement?
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.
Can I still get free credit monitoring from Equifax?
The website to claim the free daily credit monitoring is: experianidworks.com/equifaxsettlement. You can also call Experian at 1-877-251-5822. You must enter the activation code in the email you receive from the settlement administrator no later than June 27, 2022.
What happened to my Equifax settlement?
You filed a claim in the Equifax Data Breach Settlement and chose to receive free, three-bureau (Equifax, Experian, and TransUnion) credit monitoring from Experian for four years. Implementation of the Settlement was delayed by appeals; however, the Settlement is now effective because appellate courts have affirmed it.
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.
Did Equifax pay settlements?
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. The settlement includes up to $425 million to help people affected by the data breach.”
How does Equifax credit monitoring work?
Equifax Complete™ Family Plan Credit monitoring from Experian and TransUnion will take several days to begin. WebScan searches for your Social Security Number, up to 5 passport numbers, up to 6 bank account numbers, up to 6 credit/debit card numbers, up to 6 email addresses, and up to 10 medical ID numbers.
How much will Equifax pay me?
There are several benefits available under the Equifax class action lawsuit settlement. Consumers can choose between free credit monitoring services or a $125 cash payment. Additionally, the settlement provides up to $20,000 in expense reimbursement and at least seven years of free identity restoration services.
What does credit monitoring do?
A credit monitoring service is a commercial service that charges you a fee to watch your credit reports and alert you to changes to the accounts listed on your credit report. Services usually alert you of changes to your accounts by email, text message, or phone.
How do I know if Equifax breach affected me?
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 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.
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.
How much is Equifax settlement?
Back in 2017, Equifax infamously suffered a data breach that exposed devastating levels of personal and financial information of about 147 million Americans. Its punishment was a $575 million settlement with the Federal Trade Commission and a pinkie promise to go forth and sin no more.
Is it worth paying for Equifax?
Equifax customer reviews Overall, it has been given a score of 1.1 out of 5, based on more than 800 reviews, with 97% of reviewers classifying Equifax as "bad", with fewer than 1% deeming it as either "excellent", "great" or "average".
What's the difference between Credit Karma and Equifax?
Here's the short answer: The credit scores and reports you see on Credit Karma come directly from TransUnion and Equifax, two of the three major consumer credit bureaus. The credit scores and reports you see on Credit Karma should accurately reflect your credit information as reported by those bureaus.
Do credit monitoring services affect credit score?
Credit monitoring will not affect your credit scores because you won't incur hard inquiries. When you access your own credit report, it's considered a soft inquiry which doesn't lower your credit score as it's not a scoring factor.
How do I activate Equifax?
Go to www.equifax.com/activate Enter your unique Activation Code of
If you signed up for the Equifax Breach Settlement, activate your benefit online
Jim Probasco has 30+ years of experience writing for online, print, radio, and television media, including PBS. His expertise includes government programs and policy, retirement planning, insurance, family finance, home ownership and loans. He has a bachelor's from Ohio University and Master's from Wright State University in music education.
Who's a Settlement Class Member?
A settlement class member of the Equifax breach is any one of the 147 million people impacted by the breach—i.e., who had their information stolen. If you are unsure of your status, the settlement administrator has a tool to check your status as a class member on the Equifax Data Breach Settlement website.
Who's an Eligible Claimant?
If you submitted a claim and opted for free Credit Monitoring Services during the Initial Claims Period, which ended Jan. 22, 2020, you are eligible for free credit monitoring for four years, as well as other benefits and coverage that will be explained to you when you sign up for your membership.
How to Sign Up for Free Credit Monitoring
By Feb. 25, 2022, all valid claimants will receive a letter or email from the settlement administrator that will include an activation code. 7 You will be instructed to go to the Experian IdentityWorks website and enter your activation code by June 27, 2022 to begin your free four-year membership. 2
How to Avoid a Scam
For every legitimate offer of free services, there are likely hundreds of scams. The Equifax settlement will be no different. Keep the following things in mind when evaluating any communications you receive: 3
Extended Claims Period
Although the deadline for settlement class members to file an Initial Claims Period claim passed on Jan. 22, 2020, class members may submit reimbursement claims for Out of Pocket Expenses and/or Time Spent for the Extended Claims Period (Jan. 23, 2020 through Jan. 22, 2024. 7
Free Identity Restoration Services
If you are a settlement class member, you are entitled to at least 7 years of free assisted identity restoration services beginning Jan. 11, 2022, to help you remedy the effects of identity theft and fraud. 7
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.
What is the CFPB?
We're the Consumer Financial Protection Bureau (CFPB), a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly.
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 does credit reporting cost?
Credit-reporting services can cost $10 to $30 a month -- or you could use a free service like the one from Credit Karma -- but if you choose one of the lower-priced services, you can walk away with $60 or so.
How long to keep $125 in credit?
Option 1: Take the money after signing up for six months of monitoring, and keep whatever is left over after six months. To request the $125, you need to certify you are using a credit monitoring service on the date you submit your claim and will keep it for six months.