Equifax Settlement Claim: Important Update – Update: As of July 31, the FTC says consumers can’t claim the $125 cash in lieu of credit-monitoring option due to “heavy” and “unexpected” interest.
There’s finally a ray of hope for the 144 million of us whose personal data was leaked in the massive Equifax data breach of 2017: cash.
Equifax Settlement Claim: Important Update
Under the terms of its settlement with the Federal Trade Commission, Equifax established a fund of at least $300 million to compensate individuals whose data was compromised.
Equifax Data Breach: A Step By Step Guide On How To File A Claim
You, the individual, can choose which claim to file: up to 10 years of credit monitoring service, or a $125 check.
Additionally, you may be able to claim up to $500 in compensation for the time spent dealing with the consequences of the breach, and up to an additional $20,000 if you are a victim of identity theft. So you can add it back.
Ars is in no way a financial advisor site. But if you can, claim the cash. Credit monitoring can be a useful service, but it usually has major limitations and won’t actually protect you from fraud.
You certify that you already have a credit monitoring service. Luckily, there’s a very good chance you can do this, or you can do it easily without much trouble.
Meeks V. Equifax Information Services, Inc., Case No. 3:21 Cv 07727
Many banks, credit unions, and credit card companies offer free credit monitoring services to customers through a partnership with one of the three major credit bureaus (Equifax, Experian, and TransUnion). Services such as AAA, professional organizations, and alumni organizations also offer low- or no-cost credit monitoring programs, often through similar partnerships.
If you dig through your wallet and your inbox, you’ll find that you already have an affiliation with an organization that can connect with you,
You may already have free credit monitoring services as a result of previous data breaches (including this one), as offering them to consumers after a “cybersecurity incident” has become standard practice for everyone and their grandmother.
Step 1: Check your eligibility. Use the eligibility search tool to see if you were among the 144 million US residents affected by the breach.
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If the answer is no, congratulations! Of course, your data is still involved in dozens of other breaches, but not in this breach. You are lucky if the answer is yes then proceed…
Step 2: File a Claim. You can use the online form or, if you prefer, send in a paper claim form.
On the first page of the online claim form, fill in your personal information and click Next. The second page will ask you to choose what you want to claim: cash or credit monitoring. Selecting any option will bring up an explanation of your choice. If you choose credit monitoring, you will also have the option to add the six years of service provided by Equifax to the initial four years provided by Experian.
Once you choose between credit monitoring or the $125 check, the next page gives you the option to claim compensation for up to 20 hours spent dealing with violations at a rate of $25 per hour. If you do not want to claim hourly compensation, press “Next.” If you choose to claim time off, and allocate more than 10 hours of work, you will need to upload supporting documentation showing what you have done.
How To Claim Your Compensation From The Equifax Data Breach Settlement
Finally, the form will ask if you have lost or spent money as a result of trying to prevent or recover identity theft related to the incident. If you select “Yes”, you will be presented with a form asking you to provide detailed information and upload documents to support your claim. The amount of money spent to freeze your credit or pay for credit monitoring in the wake of a breach
Finally, you choose how you want to be compensated (in cash or on a prepaid debit card), review your answers, and sign to submit. Take a screenshot or save a PDF of your claim confirmation number when you submit.
For more information, there is a detailed FAQ on the Equifax breach settlement site, or you can read about it on the FTC’s website. Jackson, Miss. () – It’s been two years since the Equifax data breach and now they can give you your money.
Depending on how you became involved after initial word of the Equifax breach, financial advisor Nancy Anderson says you may be eligible for more than the minimum of $125, without a receipt.
You’ll Get Your Equifax Money. It Just Might Take A While
“There are many other claims you can file for,” said Nancy Lottridge Anderson, president of New Perspectives. “You can say, I spent a lot of time, which I did, freezing my credit, unfreezing it later, dealing with all these issues… So, you can now file for 10 hours wherever possible. Explain this is how it happened, I had to spend so much time and you get paid 25 dollars an hour.
If you have documentation to deal with identification issues, you may be paid for up to 20 hours. The web address is equifaxbreachsettlement.com. Scroll down to the “Find out if your information is affected” box.
From there, you’ll be asked for your last name and the last six digits of your Social Security number. And it will tell you on the next screen if your personal information has been affected. If so, you will have the option to file a claim.
“There are limits to compromise,” Anderson said. So, if everyone else is going ahead of you, it might be over.”
Equifax Settlement Check
“It will be closed as soon as possible and it will take some time as they have to process it. So, as we’re saying…don’t use it for your Christmas expenses,” Anderson said. “It won’t be done on time.” BATON ROUGE, La. (Reuters) – That’s one such proposal. What It’s hard to deny that, by simply searching their name, the public can find out if they are among the 147 million people now eligible for the $425 million cut.
However, the Federal Trade Commission says those cashing out may be better off slowing their roll.
Days after Equifax set up a website where consumers could check if they were entitled to a share of the cash settlement, fraudulent web pages looking like the real thing appeared on the Internet.
These scammers are looking for personal information that is not needed to verify eligibility for a share of the settlement.
Equifax Data Breach Faq: What Happened, Who Was Affected, What Was The Impact?
All affected consumers can apply for compensation up to $125 or receive free credit monitoring. However, it is important to keep an eye on the qualifiers and know the settlement limits. You may not end up getting the compensation you apply for.
Personal finance website NerdWallet estimates that out of the 147 million consumers affected, more than 248,000 approved claims – or less than one-fifth of 1% – will be needed for approved applicants to receive the full $125. Based on the response so far, people who choose to receive cash will see a “much smaller amount,” which “wouldn’t be anywhere near $125 if they hadn’t filed such a large number of claims.”, an update sent by the FTC following the initial announcement of the settlement.
Those who have already submitted a claim for alternative cash payment can change their mind. The settlement administrator will send an email to those who chose the cash option with information on how to switch to free credit monitoring if they wish. Consumers can also send an email to request a change in their claim.
Click the link here to answer any of the following questions about navigating the Equifax data breach resolution offer:
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The Better Business Bureau also has tips about what consumers can do to protect themselves immediately after a data breach.
2.) Check the website of the company that was breached for the latest information. Type the company name directly into your browser. Don’t click on links in any email or social media message.
3.) If a credit card has been compromised, you’ll likely hear from the bank or card-issuer first. If you have any questions, call the customer service number on your card.
4.) Consider placing a credit freeze or fraud alert on your credit report with the three major credit reporting agencies. A credit freeze prevents anyone from accessing your credit report or score. This means you can’t apply for new credit until the hold is lifted. A fraud alert flags your account but does not automatically prevent new credit from being opened in your name.
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5.) AnnualCreditReport.com is the only website authorized by the Federal Trade Commission to provide you with a free annual credit report. Be wary of advertisements, emails, and social media messages from other services. Everyone should check their credit report annually, whether they’ve been a victim of a data breach or not.
8.) Beware of scammers who may claim to be from the retailer, your bank, or your credit card issuer, who may tell you that your card has been compromised and to “fix” the problem. Can suggest action. Phishing emails may try to fool you