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What you need to know about the Equifax data breach settlement

In September 2017, Equifax announced a data breach that exposed personal information of 147 million people. Yes, you read that right. 147 MILLION. So, what do you do if you were affected?

The credit reporting company allegedly failed to take reasonable steps to secure its network. Now millions of vulnerable names, dates of birth, social security numbers and more have been exposed, potentially leading to fraud and identity theft. Equifax agreed to spend up to $425 million to help people affected. If you are one of those millions of people, you could soon be filing a claim.

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But hold your horses, you can’t file anything quite yet. For updates, you can sign up for FTC email alerts about the settlement at ftc.gov/Equifax. There you can also check to see if you were indeed affected by the breach. There is helpful a tool to let you check.

If you were affected by the breach, you could be eligible for benefits. Some of these include:

  • At least 4 free years of credit monitoring
  • If you decide not to enroll in the free credit monitoring, you may be eligible for a cash payment of $125
  • Reimbursement of time and money spent recovering from identity theft
  • Free identity restoration services

The claims process will start after the court approval. Sounds like Equifax will be paying big time for not providing the basic protection for their customers.

 

Laurel Streed

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