Back in September of 2017, Equifax, the credit monitoring service announced that a massive breach had occurred. Approximately 147 million people had their personal financial leaked in an avoidable data breach. This past week the FTC has struck a deal with Equifax that would require the company to help affected users.
The FTC Deal
.@Equifax to pay $575M, potentially up to $700M as part of settlement w/ @FTC, @CFPB, and states related to 2017 data breach. Settlement includes fund to help consumers recover from data breach. Read more: https://t.co/9gyWfz4sV6 #EquifaxDataBreach pic.twitter.com/AXxhKtIAad
— FTC (@FTC) July 22, 2019
In the settlement between the FTC and Equifax, Equifax agreed to pay at least $575 million. That settlement payment could go up to $700 million if needed. Equifax will also pay $300 million into a fund that will provide those affected with credit monitoring services. Equifax will give the consumers six free credit reports each year for the next seven years. This is in addition to the one credit report it provides annually.
How To Claim Your Cut
Follow this link to the settlement website. Enter your last name and the last six digits of your social security number to see if you qualify. If you were affected, you would have to file a claim online or print this form. The form due date is January 22, 2020.
You can claim up to $20,000 in damages if your identity got stolen as a result of the data breach. It this only if you can provide evidence that the leak of their financial information was the reason your identity got stolen. You will have to provide a police report, IRS, or bank letter.
The FTC says it could take several months for consumers to see any payouts. For more information, check out the FTC’s settlement FAQ. You can also contact the Equifax Settlement Administrator at 1-833-759-2982 or email [email protected].
If you want to know more information about the breach, check out Motherboard’s article that got released when it first became publicly known.
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