Just last week, the FTC and others reached a settlement with Equifax about its September 2017 data breach that exposed personal information of 147 million people. We’ve told you to go to ftc.gov/Equifax, where you can find out if your information was exposed and learn how to file a claim with the company in charge of the claims process.
The public response to the settlement has been overwhelming, and we’re delighted that millions of people have visited ftc.gov/Equifax and gone on to the settlement website’s claims form.
But there’s a downside to this unexpected number of claims. First, though, the good: all 147 million people can ask for and get free credit monitoring. There’s also the option for people who certify that they already have credit monitoring to claim up to $125 instead. But the pot of money that pays for that part of the settlement is $31 million. A large number of claims for cash instead of credit monitoring means only one thing: each person who takes the money option will wind up only getting a small amount of money. Nowhere near the $125 they could have gotten if there hadn’t been such an enormous number of claims filed.
So, if you haven’t submitted your claim yet, think about opting for the free credit monitoring instead. Frankly, the free credit monitoring is worth a lot more – the market value would be hundreds of dollars a year. And this monitoring service is probably stronger and more helpful than any you may have already, because it monitors your credit report at all three nationwide credit reporting agencies, and it comes with up to $1 million in identity theft insurance and individualized identity restoration services.
For those who have already submitted claims for this cash payment, look for an email from the settlement administrator. They’ll be asking you for the name of the credit monitoring service you already have. Or, if you want to change your mind, you’ll have a chance to switch to the free credit monitoring. The email from the settlement administrator will tell you what to do next, in either case. And the settlement administrator has said that the claims website will soon be updated with that information, too.
Please also note that there is still money available under the settlement to reimburse people for what they paid out of their pocket to recover from the breach. Say you had to pay for your own credit freezes after the breach, or you hired someone to help you deal with identity theft. The settlement has a larger pool of money for just those people. If you’re one of them, use your documents to submit your claim.
This blog post was clarified on August 1, 2019.
In reply to I froze my credit after the by Frustrated
The settlement website says if you want to file a claim for cash alternative reimbursement, you must:
That information is in FAQ # 10 on the settlement website: www.EquifaxBreachSettlement.com.
In reply to Did Equifax or settlement by Shree
Frequently Asked Question #19 on the settlement website www.EquifaxBreachSettlement.com says if you make a valid claim for credit monitoring services, the Settlement Administrator will send you information about how to activate your credit monitoring after the settlement is final. The settlement will be final on January 23, 2020 at the earliest.
The Settlement Administrator will send you an activation code and link to the Experian website where you can enroll and activate your credit monitoring services. The settlement will be final on January 23, 2020 at the earliest.
In reply to I opted for the 'small amount by laouell
In reply to So you’re telling me my own by Helen of Troy
If your information was exposed in the Equifax breach, you can file a claim for up to 10 years of free credit monitoring; up to 10 years of identity theft protection services; cash payments capped at $20,000 per person for expenses you paid as a result of the breach, time you spent dealing with the breach, and for the cost of Equifax credit monitoring and related services you had in a specific time period. Learn about the benefits available at www.FTC.gov/Equifax.
In reply to You know what I find by Firefam513
You can report identity theft at www.IdentityTheft.gov. Report the details of someone opening an account in your name and complete an FTC Identity Theft Report. Your FTC Identity Theft Report helps prove to businesses that someone stole your identity, and makes it easier to correct problems caused by identity theft.
In reply to I have a question about the by stunnedwo
The FTC has information about the settlement at www.FTC.gov/Equifax. The page says you can file a claim for Up to 10 years of free credit monitoring, including:
In reply to My 2 year credit monitoring by steve_colorado
The free credit monitoring that's available under the Equifax settlement did not start yet (today is January 15, 2020).
If you filed a claim for free credit monitoring under the settlement, the company that manages the settlement will send you information about how to activate your credit monitoring after the Settlement is effective. The company will send you an activation code and link to the Experian website where you can enroll and activate your Credit Monitoring Services. The settlement will be effective on January 23, 2020 at the earliest. Read more at www.FTC.gov/Equifax.
In reply to I have signed up for the free by ksc
The free credit monitoring that's available under the Equifax settlement did not start yet (today is January 15, 2020).
If you filed a claim for free credit monitoring under the settlement, the company that manages the settlement will send you information about how to activate your credit monitoring after the Settlement is effective. The company will send you an activation code and link to the Experian website where you can enroll and activate your Credit Monitoring Services. The settlement will be effective on January 23, 2020 at the earliest. Read more at www.FTC.gov/Equifax.
In reply to I opted for the monitoring by omg
The free credit monitoring that's available under the Equifax settlement did not start yet (today is January 15, 2020).
If you filed a claim for free credit monitoring under the settlement, the company that manages the settlement will send you information about how to activate your credit monitoring after the Settlement is effective. The company will send you an activation code and link to the Experian website where you can enroll and activate your Credit Monitoring Services. The settlement will be effective on January 23, 2020 at the earliest. Read more at www.FTC.gov/Equifax.
In reply to I opted for the free credit by ErikTheRed
The free credit monitoring that's available under the Equifax settlement did not start yet (today is January 15, 2020).
If you filed a claim for free credit monitoring under the settlement, the company that manages the settlement will send you information about how to activate your credit monitoring after the Settlement is effective. The company will send you an activation code and link to the Experian website where you can enroll and activate your Credit Monitoring Services. The settlement will be effective on January 23, 2020 at the earliest. Read more at www.FTC.gov/Equifax.
In reply to The free credit monitoring by FTC Staff
In reply to I was equifax victim and just by railroadbambi
If someone gaining access to your credit report without your permission, you could place a credit freeze on your report. This FTC article explains credit freezes.
In reply to FTC wrote: "The settlement by Coby
The effective date of the settlement does not occur until either (1) the time to file an appeal has expired and nobody has appealed or (2) all appeals are resolved by an appellate court and no more appeals may be filed.
Follow the updates at www.FTC.gov/Equifax.
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