Consumer Alert
Equifax data breach: Pick free credit monitoring
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.
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In reply to I submitted my online claim by BJVH
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 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.
If you make a valid claim and enroll in credit monitoring services, you can choose to enroll in up to six years of one-bureau credit monitoring services provided by Equifax that would start after the three-bureau credit monitoring services end. You must opt in for the one-bureau services when you submit your claim for credit monitoring services, and you will get instructions for how to enroll in the one-bureau monitoring before your three-bureau credit monitoring services end.
In reply to so you want us to trust the by mad24558
As part of the proposed settlement, Equifax will pay $300 million to a fund that will provide affected consumers with credit monitoring services. The fund will also compensate consumers who bought credit or identity monitoring services from Equifax and paid other out-of-pocket expenses as a result of the 2017 data breach. Equifax will add up to $125 million to the fund if the initial payment is not enough to compensate consumers for their losses. The company also has agreed to pay $175 million to 48 states, the District of Columbia and Puerto Rico, as well as $100 million to the CFPB in civil penalties.
In reply to How is a $700 million dollar by bic
This FTC press release has more details about the settlement: Equifax to Pay $575 Million as Part of Settlement with FTC, CFPB, and States Related to 2017 Data Breach.
The press release explains that, as part of the proposed settlement, Equifax will pay $300 million to a fund that will provide affected consumers with credit monitoring services. The fund will also compensate consumers who bought credit or identity monitoring services from Equifax and paid other out-of-pocket expenses as a result of the 2017 data breach. The company also has agreed to pay $175 million to 48 states, the District of Columbia and Puerto Rico, as well as $100 million to the CFPB in civil penalties.
There is more information about the settlement in the FAQs at www.EquifaxBreachSettlement.com.
In reply to This FTC press release has by FTC Staff
In reply to This FTC press release has by FTC Staff
In reply to "Equifax will pay $300 by Adam J
Equifax will pay $300 million into a fund that will pay Experian to provide the first four years of three-bureau credit monitoring services. If you request four years of Experian monitoring, you can also request six additional years of one-bureau monitoring by Equifax. There are other benefits for people whose information was exposed in the breach. Learn more at www.FTC.gov/Equifax and www.EquifaxBreachSettlement.com.
In reply to This FTC press release has by FTC Staff
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In reply to What is the purpose of them by citizen21
In reply to What is the purpose of them by citizen21
In reply to What is the purpose of them by citizen21
In reply to I filed clams for both my by Hamilton G
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 provide you with an activation code and link to the Experian website where you can enroll and activate your credit monitoring services.
In reply to Frequently Asked Question #19 by FTC Staff
In reply to So even tho i opted for the by BK
FAQ #10 on the Equifax settlement site says you can ask for compensation of up to $125 if you already have credit monitoring, and don't claim it through the settlement. The Equifax settlement site is www.EquifaxBreachSettlement.com.
In reply to These people lost data for by dontuseyourema…
The press release explains that: Equifax to Pay $575 Million as Part of Settlement with FTC, CFPB, and States Related to 2017 Data Breach.
The FAQ on the settlement page (www.EquifaxBreachSettlement.com) explain that Equifax will pay at least $380,500,000 into a Consumer Restitution Fund that will pay people for out-of-pocket losses, buy credit monitoring services and pay for other reimbursement.
In reply to I already submitted the claim by anti-equifax
You can submit a claim from www.FTC.gov/Equifax or www.EquifaxBreachSettlement.com. The first page of the Equifax site lists the benefits a person could file for. The FAQ on the Equifax site have information about the benefits.