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Equifax Data Breach Settlement: What You Should Know

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In September of 2017, Equifax announced a data breach that exposed the personal information of 147 million people. Under a settlement filed today, Equifax agreed to spend up to $425 million to help people affected by the data breach. If you were affected by the Equifax breach, you can't file a claim just yet. That's coming. But you can sign up for FTC email alerts about the settlement at ftc.gov/Equifax.

(Not sure that you were affected? The breach claims site will have a tool to let you check. Sign up for an FTC email update to find out when that tool is up and running.)

ftc.gov/equifax

Here’s what you need to know about the settlement.

Benefits Available To You

If you were affected by the breach, you may be eligible for benefits.

1. Free Credit Monitoring or Cash Payment

You can get at least 4 years of free credit monitoring of your credit report at all three credit bureaus (Equifax, Experian, and TransUnion). On top of that, you can get up to 6 more years of free credit monitoring of your Equifax credit report. That’s a total of 10 years of free credit monitoring. (Minors affected by the breach are eligible for even more free credit monitoring.)

If you have credit monitoring that will continue for at least 6 months and you decide not to enroll in the free credit monitoring offered in the settlement, you may be eligible for a cash payment. The amount you’d get will depend on the number of claims filed.

2. Reimbursement for Your Time and Other Cash Payments

You may be eligible for reimbursement and cash payments up to $20,000 for:

  • time you spent protecting your identity or recovering from identity theft, up to 20 hours at $25 per hour
  • money you spent protecting your identity or recovering from identity theft, like the cost of freezing or unfreezing your credit report or unauthorized charges to your accounts
  • up to 25% of the cost of Equifax credit monitoring or identity protection products you bought between September 7, 2016 and September 7, 2017

3. Free Identity Restoration Services

You are eligible for free identity restoration services for at least 7 years that you can use if someone steals your identity or you experience fraud.

Next Steps

The claims process will start after court approval. To learn more about the settlement, go to ftc.gov/Equifax. We’ll update that page when there’s new information.

You can also sign up to get FTC email updates about this settlement.

If you were affected by the breach, you may also receive an email notification after the court approves the settlement. The notification will provide more information about the settlement, the benefits available to people impacted, and how to request the services offered under the settlement.

ftc.gov/equifax

This blog post was updated on August 1, 2019.

Comments

I filed for credit monitoring last week and have not received an email detailing how to set this up. I did receive a claim number. How long does it take before I should receive information??

Frequently Asked Question #19 on the settlement website www.EquifaxBreachSettlement.com says if you make a valid claim for credit monitoring services, the Settlement Administrator will send you information about how to activate your credit monitoring after the settlement is final. The Settlement Administrator will send you an activation code and link to the Experian website where you can enroll and activate your credit monitoring services. The settlement will be final on January 23, 2020 at the earliest.

If I select the free credit monitoring, when will that monitoring start?

Frequently Asked Question #19 on the settlement website www.EquifaxBreachSettlement.com says if you make a valid claim for credit monitoring services, the Settlement Administrator will send you information about how to activate your credit monitoring after the settlement is final. The Settlement Administrator will send you an activation code and link to the Experian website where you can enroll and activate your credit monitoring services. The settlement will be final on January 23, 2020 at the earliest.

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