In 2017, Equifax experienced a major data breach. This resulted in the comprise of personal and financial information of roughly 147 million Americans. Now, Equifax has to pay $700 million in compensation to the millions of affected individuals. Those affected may also receive 10 years of free credit monitoring from all major credit bureaus.
Who Qualifies?
To qualify for the free credit monitoring, you'll need to be one of those individuals who had their information exposed. These individuals may have benefits if they spent time and money fixing their credit due to the breach. Equifax has to pay them up to $20,000 each, as long as their claim is valid. However, the affected people must provide physical evidence of the attempts to fix their credit. You may be eligible for other benefits when your documents are approved. A payment of $25 per hour for up to 20 hours of any personal time you spent during the process.
There are other losses that can be compensated by the security breach settlement. They include the cost of credit monitoring and freezing your accounts, and any unauthorized charges made to your credit cards.
Where to File a Claim and Get Your Money
When you've gathered your documents and are ready to file for compensation, go to thesettlement website and follow the instructions.
If you'd like to opt-out of the process or exclude yourself from the settlement the deadline to do so is November 19. The deadline for submitting documentation to file for a settlement payment is January 22. M
More About One of the Largest Data Breaches in History
The credit reporting agency went public in September of 2017. It had breaking news that hackers had exploited a major flaw in the company's security system. They were able to access private records for millions of Americans. Some of the information included birth dates, Social Security numbers, driver's license numbers, addresses and more.
The Federal Trade Commission took swift action and began investigating the matter. The settlement includes up to $425 million in payments to those who were affected. It also includes and an additional $275 million set aside for civil fines in every state across the country.
This is not legal or financial advice. Please consult a legal or financial advisor for your specific situation.