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Equifax Breach Affected 147 Million, but Most Sit Out Settlement

If you filed for a cash payout from Equifax as part of the credit bureau's settlement for its massive data breach, it turns out you now need to do some extra steps to claim your money. You can also opt to amend your claim and select the free credit monitoring option instead of the cash payout. If you don't want to use Equifax's designated website to update your claim, you can also send the settlement administrator a letter that includes your full name, claim number and zip code at the following address:. In fact, the FTC urged consumers to pick the free credit monitoring, saying the service was worth "hundreds of dollars" and comes with identity theft insurance and restoration services. Sunday's communication from Equifax's settlement administrator means that consumers who filed their claim before the FTC spelled out the consequences of the capped settlement amount now have a second chance to opt for the credit monitoring. Like this story? Get Make It newsletters delivered to your inbox. All Rights Reserved. Skip Navigation. Work Are you newly eligible for unemployment insurance? Here's what to know Jennifer Liu. A mobile phone open to the web site of credit bureau Equifax, with text on the website reading 'Equifax Cybersecurity Incident', providing steps for consumers to take following a security breach in that affected million Americans. VIDEO Millennials get scammed more often than any other age group. Make It. Follow Us. Terms of Service Contact.

Equifax Data Breach Settlement: What You Should Know

Skip navigation. In September ofEquifax announced a data breach that exposed the personal information of million people. The initial deadline to file a claim in the Equifax settlement was January 22, After January 22,you can still file a claim for expenses you incur between January 23,and January 22,as a result of identity theft or fraud related to the breach, such as:. You also can file a claim for the time you spent recovering from identity theft or fraud between January 23,and January 22, There are limited funds available so your claim may be reduced. Free Help Recovering from Identity Theft. Once the court allows the start of this benefit, for a period of at least seven years, you will be able to get free identity restoration services if you discover misuse of your personal information. We will update this website when this benefit becomes available. Free Credit Reports for All U. All U. The settlement administrator will not send out any benefits until they have reviewed and validated claims and are allowed to do so by the court. For free credit monitoring, you will get an activation code with instructions by email. For cash payments, you will get either a check or debit card depending on which option you chose when you filed your claim. It will be sent to the mailing address that you provided. We will update this website when free identity restoration services become available. Equifax is one of three national credit bureaus. These companies collect information about your credit history, such as how many credit cards you have, how much money you owe, and how you pay your bills. Each company creates a credit report about you, and then sells this report to businesses who are deciding whether to give you credit. You cannot opt out of this data collection. Use this look-up tool to see if you were affected by the breach. For more information, visit www. You are here.

Equifax Data Breach Settlement

If you're one of the million people in the United States affected by the egregious Equifax credit bureau hack inyou were probably resigned to getting some free credit monitoring out of it and moving on. But nearly two years later, attorneys general from 50 US states and territories, the Federal Trade Commission, and the Consumer Financial Protection Bureau finally have your back. Sort of. Here's how to make sure you get yours. Of course, it's tough to see how a payout that can maybe cover an IKEA dresser or a month of your wireless bill is adequate compensation for the loss of vital personal data, including Social Security numbers. But it's all that most victims can collect. Read on for more about possible additional payouts if you've suffered proximal damages as a result of the breach. But in the spirit of "it's better than nothing," here's how to collect your little Equifax windfall. The two crucial websites for this are the Equifax settlement website and the FTC Equifax settlement information site. You can use the former to check whether you're eligible for benefits from the settlement in the first place. You'll need to enter your last name and the last six digits of your Social Security number, which is probably not information you want to be entering on an Equifax-related website, but here we are. If you already know that you're eligible, meaning your data was stolen in the breach, you can skip this step and start considering your options. File your claim hereor use this form to file by mail. People who were minors when the data was stolen can use this form. But which to choose? There's a decent chance that you already have free credit monitoring from other incidents, such as last fall's Marriott breach. But if you don't, it's genuinely worth considering going that route and leaving the cash, so you'll have the assurance that the monitoring is in place for a number of years. Just make sure to read the fine print! 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. This unfortunately could actually come in handy, given that Social Security numbers taken from Equifax are starting to show up on the dark web, and consumers have already suffered identity theft related to the breach, according to Pennsylvania attorney general Josh Shapiro. Equifax disputes that any of the data has been spotted in circulation, though. Safe to assume that the company will try to deny these claims wherever possible, though, so make sure you submit as much information as you can, like a police report, bank letter, or IRS statement about what happened. One other thing to note is that these benefits stem from a massive class action against Equifax, meaning that if you are considering bringing suit separately over damages caused by the breach, don't cash in as part of this settlement. For most people, though, this is the easiest and best way to receive some type of compensation from Equifax and make the company pay as much as possible for its unfortunate and numerous! She previously worked as a technology reporter at Slate magazine and was the staff writer for Future Tense, a publication and project of Slate, the New America Foundation, and Arizona State University. Read more. Senior Writer Twitter. Featured Video.

Equifax Data Breach Settlement: How to Claim Your Benefits

If you were affected by the Equifax data breach, you can now file a claim for a piece of the settlement. The settlement, which was announced July 22 and is considered the largest ever for a data breach, has preliminary court approval. The official settlement website, www. Capital One data breach Massive data breach hits Capital One, affecting more than million customers. How would a Fed cut impact you? What's the effect on credit cards, home equity lines and bank savings? There are two ways to file a claim. You can file online at www. The deadline to file a claim is Jan. If you want to be excluded from the settlement, you need to send a written request postmarked no later than Nov. Depending on how you were affected by the breach, you could be eligible for several types of compensation. You can get up to 10 years of free credit monitoring of your three credit reports at Experian, TransUnion and Equifax by an independent third-party service that will be determined by the court. You can be reimbursed for the following:. This will start "after the Court enters a final judgment and the settlement becomes final. The FTC is warning that there are "fake websites claiming to be the Equifax settlement claims website. Capital One data breach Massive data breach hits Capital One, affecting more than million customers How would a Fed cut impact you? Filing a claim There are two ways to file a claim. How long will this take? The navigation could not be loaded.

Equifax Breach Affected 147 Million, but Most Sit Out Settlement

The settlement is vast in its scope, resolving investigations by two federal agencies and 48 state attorneys general and covering every American consumer whose data was stolen — or just under half the population of the United States. Equifax agreed to provide up to 10 years of free credit monitoring services to all victims of the breach in the United States, an offer that could prove costly. Equifax is paying one of its competitors, Experian, to provide that service for the first four years, but the settlement assumes only about seven million people will sign up. That means the ultimate size of the settlement could change. Siegel, a lawyer representing consumers in the settlement. Information for consumers will be posted at equifaxbreachsettlement. The site will begin accepting claims as soon as Tuesday, according to Amy E. Keller, one of the lead lawyers representing consumers in the settlement. Those who already signed up for identity theft protection will be eligible for reimbursement. The breach not only exposed private information but also put a spotlight on the loosely regulated role credit bureaus play in the day-to-day lives of Americans. Equifax makes money by selling its vast trove of information to auto loan, mortgage and credit card issuers. Consumers can exercise some control over how their files are used — for example, by freezing them to prevent new credit lines from being opened — but they cannot choose to have the bureaus stop collecting their information. Law enforcement officials have never publicly identified who was behind the hack. According to a government reportthe attackers siphoned off information for about 76 days until Equifax discovered the intrusion in late July The company waited more than a month to disclose the breach. Equifax created an information website that barely functioned. It struggled to keep up with the deluge of phone calls and messages from worried consumers. At one point, it even accidentally pointed those seeking information on the breach toward a fake website. Last year, Equifax named Mark W. Begor, an outsider who had worked in private equity, as its new chief executive. Begor said in a statement.


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