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- #EQUIFAX BREACH SETTLEMENT FOR FREE#
- #EQUIFAX BREACH SETTLEMENT FULL#
- #EQUIFAX BREACH SETTLEMENT PLUS#
- #EQUIFAX BREACH SETTLEMENT FREE#
#EQUIFAX BREACH SETTLEMENT PLUS#
This week, a court in Georgia finally approved a settlement in the long-running class action case that followed the breach, which will require Equifax to pay $380.5m, plus potentially an extra $125m, to satisfy claims of out-of-pocket losses. Over two-fifths (44%) of the population of the US are thought to have been affected. The credit reporting giant suffered a major cyber-attack in 2017 after hackers exploited an unpatched Apache Struts vulnerability, compromising highly sensitive personal and financial information on around 148 million customers. In August, Senator Elizabeth Warren criticized the FTC, writing on Twitter that it “may have misled the public” into thinking they’d receive reimbursement for the settlement.Equifax could end up paying as much as $9.5bn following a data breach settlement branded one of the largest in history by its presiding judge.
#EQUIFAX BREACH SETTLEMENT FULL#
But the $31 million cap could be lifted after roughly four years if Equifax doesn’t spend its entire $425 million consumer restitution fund - money set aside to cover people’s significant out-of-pocket losses as a result of the breach.Ī Slate article in July noted that compensation “may take a while, but odds are decent that you will eventually get your full $125” - unless, of course, Equifax drains that consumer fund before then. Wired reported shortly after the settlement that the $125 disbursements will be capped at $31 million, which means that after 248,000 claims, that compensation number could likely going down. In other words, if you filed a claim, expect to receive less than $125. The amount of compensation a person can receive “may be significantly reduced depending on how many valid claims are ultimately submitted by other class members for this relief.” Considering how many claims have been filed already, payments “likely will be substantially lowered and will be distributed on a proportional basis if the settlement becomes final.”
#EQUIFAX BREACH SETTLEMENT FREE#
There’s a site where users can check whether they’ve been affected by the breach, submit biographical information, and request to receive either a $125 check or pre-paid card, or free three-bureau credit monitoring.īut there is a catch, noted at the end of the email and on the settlement website.
![equifax breach settlement equifax breach settlement](https://static01.nyt.com/images/2019/07/22/business/22equifaxconsumer/22equifaxconsumer-videoSixteenByNine3000.jpg)
![equifax breach settlement equifax breach settlement](https://static01.nyt.com/images/2019/07/21/business/21equifax1/21equifax1-videoSixteenByNineJumbo1600.jpg)
The claim process “is incredibly simple,” The Verge reported in July. The credit reporting service agreed to pay money out to anyone affected by the breach if customers filed their claim by January 22, 2020.
![equifax breach settlement equifax breach settlement](https://static01.nyt.com/images/2020/01/22/business/22equifax1/22equifax1-videoSixteenByNineJumbo1600.jpg)
As Vox’s Karen Turner pointed out in 2017: “Following what might be the worst data breach of the past decade, such a long delay is shocking - but given the lack of regulation it’s not all that surprising.” (Regulation is left primarily to states, although since the Equifax breach, states like Illinois, Texas, and Washington have amended their data privacy notification laws.)Įquifax became embroiled in a whirlwind of hearings and ongoing investigations in the two years following the breach and agreed to pay up to $700 million in a July settlement with the Federal Trade Commission. Hackers had obtained Social Security numbers, birth dates, and home addresses, but customers whose private data was at risk weren’t informed until six weeks later. In September 2017, the credit reporting agency Equifax revealed that the private information of up to 143 million US consumers was compromised in a massive data breach.
#EQUIFAX BREACH SETTLEMENT FOR FREE#
They will have until October 15 to verify this information (or their original claim will be denied), or they can request to change their claim for free credit monitoring and opt out of receiving money. Over the weekend, Americans who have filed to claim $125 from the Equifax data breach settlement learned that there is yet another step to claim compensation: They must verify that they already have credit monitoring in place and will continue to do so for the next six months, according to an email from the settlement administrator.