Equifax Data Breach Settlement: All You Need To Know

Equifax, one of the three major credit bureaus, reached a settlement related to the company’s 2017 data breach. The data breach exposed the personal information of 147 million people, according to the Federal Trade Commission (FTC).

If the breach compromised your information, you might be entitled to compensation.

How to see if you’re eligible

Equifax offers a free lookup tool to check if your information was affected by the breach. The site will ask you for your last name and the last six digits of your Social Security Number.

Compensation

Eligible class members may receive one or more of the following benefits:

  • Free credit monitoring or up to $125 cash payment. Those who already have credit monitoring services can request a cash payment of up to $125. However, FTC explains that people may get “nowhere near the $125” due to the overwhelming public response to the settlement.
  • Other cash payments. You may also be eligible for cash payments up to $20,000 for the time spent remedying the fraud, identity theft, or other misuses of your personal information; out-of-pocket losses and up to 25% of the cost of Equifax credit or identity monitoring.
  • Free Identity Restoration Services. You are eligible for at least seven (7) years of free assisted identity restoration services.

How to file a claim

The company created a dedicated site where consumers affected by the 2017 data breach can file a claim. 

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