The company has agreed to pay over $575 million to consumers affected by the massive data breach.
A settlement related to the 2017 Equifax data breach has finally been reached. The company has agreed to pay over $575 million to consumers affected by the massive data breach including money for credit monitoring services and reimbursement for attorney and credit restoration services. The Federal Trade Commission and Consumer Financial Protection Bureau, along with 50 state and U.S. territories, claim Equifax failed to secure its network leading to the leak of personal information of more than 147 million people.
Personal information, including names, birthdates, Social Security numbers, and addresses were compromised in the 2017 breach. The settlement includes a Consumer Restitution Fund of up to $425 million, of which individuals could be eligible for up to $20,000. Equifax also agreed to pay out $175 million to the states.
How Do I Know if I Am Eligible?
Equifax has a website where you can enter your last name and last six numbers of your Social Security number to determine if you were affected. You can also call the settlement administrator at (833) 759-2982. You must file a claim to receive benefits.
What Am I Eligible For?
- Free credit-monitoring services for up to 10 years and reimbursement of $125 if you have already purchased the service.
- Reimbursement of up to $20,000 for attorney fees, costs, time, and other expenses related to identity theft, fraud, and restoration of your credit or personal information.
- Seven years of future credit restoration services.
Equifax has also agreed to make changes going forward to protect the personal data of consumers, including:
- Make it easier for consumers to temporarily freeze their credit.
- Make it easier for consumers to dispute inaccuracies in their reports.
- Requires Equifax to maintain personnel to assist customers whose identity has been stolen.
- Equifax will also reorganize and improve its data securing practices.
You can get your free credit report by visiting annualcreditreport.com.
Was your personal information stolen? Do you think the settlement goes far enough to restore your credit? Tell us what you think in the comments!