Breaking News: Equifax Settlement Pays Out $125 Per Person
Are you one of the 147 million Americans affected by the Equifax data breach in 2017? If so, you could be entitled to compensation.
Equifax settled its dispute with the Federal Trade Commission in July 2019, agreeing to pay up to $425 million to those impacted by the breach. The settlement awards individuals up to $125 each, or more depending on the extent of the harm they suffered.
But what exactly is this settlement, and how can you claim your compensation? Below, we delve into this breaking news and guide you on the steps to take to receive your settlement.
What Happened with Equifax?
In 2017, Equifax, one of the largest credit bureaus in the US, fell victim to a data breach affecting 147 million consumers. Hackers accessed sensitive data such as names, addresses, birth dates, Social Security numbers, and even driver’s license numbers.
The breach resulted in widespread identity theft and fraud, leaving many Americans vulnerable to credit fraud and unauthorized charges. Equifax came under fire for its slow response to the breach, and the incident sparked a significant public outcry.
The Settlement Agreement
In July 2019, Equifax reached a settlement agreement with the Federal Trade Commission, the Consumer Financial Protection Bureau, and 50 US states and territories. The settlement includes a $300 million fund that will be distributed to affected individuals.
The settlement also requires Equifax to pay for up to 10 years of credit monitoring and identity theft protection for eligible individuals. Moreover, Equifax is required to implement substantial new data security measures and undergo regular independent assessments of its data security protocols.
How to Claim Your Compensation
If you were affected by the breach, you may be eligible for compensation. The settlement offers several options for impacted individuals to claim their compensation:
1. Free credit monitoring: The settlement provides up to 10 years of free credit monitoring and identity theft protection to affected individuals.
2. Cash payment: Individuals who already have credit monitoring services can claim a one-time cash payment of up to $125.
3. Out-of-pocket expenses reimbursement: If you incurred expenses related to the breach, such as credit monitoring fees or fraudulent charges, you could be eligible for reimbursement of up to $20,000.
Takeaways
The Equifax settlement is a significant step towards addressing the harm caused by the data breach. By providing compensation and requiring Equifax to implement better data security measures, the settlement helps protect individuals’ personal and financial information from future breaches.
If you were affected by the Equifax breach, we encourage you to explore your options for claiming your compensation. Visit the official settlement website or call the dedicated hotline to submit your claim by January 22, 2020.
Let this be a reminder that data breaches can happen to anyone, and it’s crucial to take steps to protect your personal information from cyber threats. Stay vigilant and informed to safeguard your identity and financial well-being.
