Equifax Settlement Update (Bummer): Due to Overwhelming Response, the $125 Cash Settlement Option Will Be Significantly Reduced

Update 08/01: The FTC has updated the Equifax Settlement Page with this significant change:

When announced last week, the Equifax Settlement Page stated that all people affected by the breach would be able to request either “Up to 10 years of free credit monitoring OR $125 if you decide not to enroll because you already have credit monitoring.” Now, they’re encouraging people to select the free credit monitoring because the monetary amount you would receive otherwise would be very ‘disappointing.’

If you’ve already put in a claim for the $125, the settlement administrator will reach out to you via email and give you the option to switch to the free credit monitoring.

Originally posted July 24th

In September of 2017, Equifax announced a data breach that exposed the personal information of 147 million people. 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. Each person affected will have the option of getting at least $125 back. The claims process will start after court approval.

Click Here To See If you’re Eligible & File A Claim

People Affected By The Breach Will Be Able To Request The Following:

  1. Free Credit Monitoring and Identity Theft Protection Services
    • Up to 10 years of free credit monitoring OR $125 if you decide not to enroll because you already have credit monitoring.
      The free credit monitoring includes:

      1. At least four years of free credit monitoring of your credit report at all three credit bureaus (Equifax, Experian, and TransUnion) and $1,000,000 of identity theft insurance.
      2. Up to six more years of free credit monitoring of your Equifax credit report.
    • If you were a minor in May 2017, you are eligible for a total of 18 years of free credit monitoring.
  2. Cash Payments (capped at $20,000 per person)
    • For expenses you paid as a result of the breach, like:
      1. Losses from unauthorized charges to your accounts
      2. The cost of freezing or unfreezing your credit report
      3. The cost of credit monitoring
      4. Fees you paid to professionals like an accountant or attorney
      5. Other expenses like notary fees, document shipping fees and postage, mileage, and phone charges
    • For the time you spent dealing with the breach. You can be compensated $25 per hour up to 20 hours.
    • For the cost of Equifax credit monitoring and related services you had between September 7, 2016, and September 7, 2017, capped at 25 percent of the total amount you paid.
  3. Free Help Recovering from Identity Theft
    • For at least seven years, you can get free identity restoration services.
  4. Free Credit Reports for All U.S. Consumers
    • Starting in 2020, all U.S. consumers can get 6 additional free credit reports per year for 7 years from the Equifax website.