As you’re probably aware, Equifax had a massive security breach back in September of 2017, which compromised personal data of 147 million consumers. As a result, Equifax must now offer compensation in the form of free credit monitoring or cash payouts to anyone whose information was affected.
Here are the details of the proposed settlement:
- Free credit monitoring or up to $125 cash payment; if credit monitoring services are already in place from the initial breach, that will continue for at least six more months
- Up to $20,000in other cash payments for time and money spent preventing or recovering from identity theft because of the data breach
- Free identity restoration services provided by Experian to help fix the impact of the breach
How to decide:
- There’s a cap to the settlement funds so payment sizes will ultimately be determined by how many people apply for compensation. Given the high number of claims you could receive significantly less than $125.
- There’s no limit to how many people can receive credit reporting, so this may be the more valuable option.
Take Action by these deadlines:
- November 19, 2019 is the last day to opt out of the settlement (by postal mail only) to pursue other legal claims regarding this breach.
- January 22, 2020 is the last day to opt into this settlement offer (by phone or website) to receive one of the options above, but you’ll waive all other rights to pursue additional legal claims regarding this breach.
As you evaluate your next steps, be aware that scammers are always looking for more ways to take advantage of a data breach, avoid giving any information if anyone contacts you. The best way to safely check your eligibility is by calling (833) 759-2982 or visiting the official Equifax website.
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