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 When does free credit by Hacked David
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 on how to activate your credit monitoring once the settlement is final. The settlement will be final on January 23, 2020 at the earliest.
In reply to I have signed up for the four by jsutton
The FAQ # 8 (frequently asked question) on the settlement website (www.EquifaxBreachSettlement.com) says 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 have to choose the one-bureau service when you submit your claim for credit monitoring services, and you will be sent instructions for how to enroll in the one-bureau monitoring before your three-bureau credit monitoring services end.
In reply to I signed up for the free by Tim S
The settlement website (www.EquifaxBreachSettlement.com) says that if you make a valid claim for credit monitoring services, the Settlement Administrator will tell you 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 give you an activation code and a link to the Experian website where you can enroll and activate your credit monitoring services.
In reply to So the Equifax judgement went by Hoodwinked by FTC
Read the FTC press release for details about the proposed settlement agreement, including:
In reply to Hi, I signed up for the by EMK
FAQ #8 on the settlement website (www.EquifaxBreachSettlement.com) says: You may make a claim for both reimbursement for Out-of-Pocket Losses and/or Time Spent and Credit Monitoring Services.
In reply to So after getting our identity by Unacceptable
If your information was exposed in the Equifax breach, you can claim up to 10 years of free credit monitoring. You can claim cash payments, capped at $20,000 per person, for expenses you paid as a result of the Equifax breach and time you spent dealing with the breach. Go to www.FTC.gov/Equifax to learn about the benefits.
In reply to Hey, FTC — Millions of by Anna
In reply to Why would having two credit by LA
The free, three-bureau credit monitoring from Experian - and $1 million of identity theft insurance - are some the benefits you can ask for under the settlement. You can also file a claim cash payments for expenses you paid as a result of the breach, and time you spent dealing with the breach.
Even if you don't file a claim, you can get free identity restoration services if someone steals your personal information. And starting in 2020, all U.S. consumers will be able to get six free credit reports a year for seven years from the Equifax website.
Learn more at www.FTC.gov/Equifax.
In reply to I’ve independently spent by WeTookAction
Go to www.FTC.gov/Equifax to read about the benefits you could claim if your information was exposed in the Equifax breach. You could file a claim, capped at $20,000, for expenses paid as a result of the breach and time you spent dealing with the breach. Read more at www.FTC.gov/Equifax.
In reply to Why would I trust the same by Informed Citizen
Under the settlement, you can ask for four years of free, three-bureau credit monitoring from Experian.
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 Why would I want credit by Donaldvetal
FAQ #8 states that Settlement Class Members may submit a claim to enroll in at least four years of three-bureau credit monitoring services, provided by Experian, at no cost. Go to www.EquifaxBreachSettlement.com to learn more.
In reply to I have submitted my claims by BMTAT
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.
You can get a free copy of your annual credit report once every 12 months at www.AnnualCreditReport.com.