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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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Disappointed
August 02, 2019
It seems to me that whoever agreed to this settlement was looking out for the business who created the mess, and not the consumers who were burned. These businesses are not too big to fail, and if they had to pay a bit more, maybe they would be more careful in the future. And if a few failed, the rest would really get the message.
FQS
August 02, 2019
I already have free credit monitoring. I would prefer the cash payment. I feel that Equifax should be held a little more accountable since they've been in business since I can remember and I'm 73 yrs. old not to mention the millions of customers. So why don't you all get your act together and take better care of the customers or get out of this business.
Bill
August 02, 2019
Maybe if the FTC did a better job of enforcement and penalty assessment this wouldn't be an issue. To make an announcement about settlement options without having the money in place to fund it, just continue to show the incompetence of the leadership and employees at the FTC.
AverageAmerican
August 03, 2019
This settlement is, possibly well-intentioned but completely off the mark. In the last 2 years my wife & I've had no less than 10 offers for free credit monitoring services due to major security breaches, including my local borough government, both employers, our health insurance, our credit cards, our utilities and both local and national businesses. We have plenty of free credit monitoring, thank you. So while I can see that you are trying to force people to get this great deal in 10 years of credit monitoring, the fact is that WE ALREADY HAVE IT. Instead, consider making the penalties up-front published and painful. Make them bankruptcy-painful. $1,000/affected consumer painful. There needs to be a bigger stick. These companies don't take their data security seriously enough - not until you force them to. So take the kid gloves off and quit pretending that this $700 million settlement matters to anyone. It's a drop in the bucket to Equifax and it means little to nothing to the average consumer. The damage is done, and you didn't prevent it from happening. The FTC is NOT currently effective in protecting the American consumer in this regard. Please, take the gloves off.
Rod
August 03, 2019
Everyone should get free credit monitoring until Equifax can guarantee it's got all our data back (forever). I'm extremely disappointed and I don't know who the FTC even works for anymore. It doesn't appear to be for us. I want the name of the person that thought this was a good idea
Jerry
August 03, 2019
Thanks for your poor settlement, protecting Equifax instead of consumers.
Confused
August 03, 2019
If the settlement is worth 700 million and the victims get 31 million; where is other 669 million going?
FTC Staff
August 05, 2019

In reply to by Confused

Read the FTC press release for details about the proposed settlement agreement, including:

  • Equifax Inc. agreed to pay at least $575 million, and potentially up to $700 million, as part of a global settlement with the Federal Trade Commission, the Consumer Financial Protection Bureau (CFPB), and 50 U.S. states and territories
  • 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.
Jim SC
August 03, 2019
Equifax's credit monitoring has a zero dollar value. Anyone can get free credit monitoring from numerous resources. If Equifax can't pay for restitution as agreed, then they should be liquidated, and any assets can be added to the funds for restitution.
FTC Staff
August 15, 2019

In reply to by Jim SC

Under the settlement, you can get 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. Learn more about the other benefits available at www.FTC.gov/Equifax and www.EquifaxBreachSettlement.com.

Tracy
August 03, 2019
I am appalled at how consumers get the shaft every time. I have credit monitoring, most people do because of these companies. They have our data, it's compromised and then the govt reaps the fines and we're left with nothing. You should divide the money among victims. We deserve the funds. How in the world no one at the FTC can do elementary math is beyond me. This is a farce.
sic
August 03, 2019
Bridget from the FTC: You can keep answering with the FAQs, links, etc, but someone should be sending these comments up the chain. The American people are TIRED of there being consequences that amount to a slap on the wrist. Why should companies bother with security when they continue to get away with this time after time after time. When is the FTC going to put CONSUMERS FIRST???? This settlement is a joke - Equifax should be out of business.
Stuart R
August 03, 2019
I am already receiving free credit monitoring from Experian (ID Theft), as are many (millions?) others. Thus the offer of free credit monitoring is worthless, unless they will extend the time of the free offer to be consecutive to any existing credit monitoring, free or otherwise. (They don't even tell you how long the free protection you are getting is for - i.e., when it expires - when you are logged in to their website!) . This highlights the problem with credit bureaus that the FTC is not addressing, regardless of this settlement. Consumers are not being protected by this settlement, only the status quo is being protected.
FTC Staff
August 07, 2019

In reply to by Stuart R

Go to the settlement website (www.EquifaxBreachSettlement.com) for details about the free credit monitoring.

FAQ #8 states that Settlement Class Members may submit a claim to enroll in at least four (4) years of three-bureau credit monitoring services, provided by Experian, at no cost. 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.

Frequently Asked Question #19 on the settlement website 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.

CJ
August 03, 2019
Is the FTC and federal government aware that Equifax is playing you all for fools? They have the money and can afford to pay out. It’s just that the greedy upper management, CEOs,VPs,and VP do not want to pay out. They don’t want to lose their nice awesome cushy paychecks to the people that they ruined by allowing poor security practices that lead to a breach. I think you all need to reinvestigate this matter and take it back to the court room. Quit being the pawn and be the lion for once!
Notmyemailaddress
August 03, 2019
Why would I need credit monitoring when I still have my credit frozen already from prior breaches?
Do better
August 03, 2019
Maybe claw back the exec comp that they paid themselves just before the breach was discovered. Or so paying yourselves the 250M and allow the money to actually go to the people effected. And then maybe shut the company down completely because they clearly can't be trusted to do the only thing that they are entrusted to do.
who
August 04, 2019
forget monitoring and cash payouts, people should be going to jail for this
Unky Mikey
August 04, 2019
Typical: EQ creates the problem ... then offers the "solution" to the problem it created ... as if.
Retired Fed
August 04, 2019
Whoever negotiated this settlement should go back to law school. As a victim of the OPM hack (as well as other breaches) I have more credit monitoring services than I can keep track of. The credit monitoring offered here therefore has zero $ value to me, and in any event costs them next to nothing which is why there is no limit on the number of victims who can accept it. Please stop quoting the retail cost of this service as its value, and also stop pretending that the FTC has done anything here that will discourage the loose controls that lead to all these breaches.
Steven
August 04, 2019
What is the actual market value per year or overall of the monitoring, "hundreds of dollars a year" is not very specific? Is it the FTC's view that that sum represents the value of the data that was stolen on a per person basis - specifically identifying an amount would be helpful as the courts seem to have historically been hesitant to put a value on personal data and credit breaches. If a claim was already filed based on the belief it would result in a $125 pay out, will the FTC allow that person to opt out of the settlement and potentially take equafax to small claims court or are you only allowing claimants to switch from the cash option to the credit monitoring option when you reach out by e-mail? I see value in having an option to now opt out of the settlement and file my own independent claim based on the current situation.
SMHeverytime
August 04, 2019
The FTC is suppose to protect the consumers, instead they protected Equifax and helped Equifax avoid bankruptcy. Equifax should not be in business and that would have set a great example to the other major credit bureaus. FTC should be shut down for protecting the business of Equifax and not the consumers. End Equifax and FTC
Cybercitizen
August 05, 2019
Why hasn't the government shut down this company? They knew their cybersecurity was lax but refused to spend any money to fix it. Now we are screwed. These credit bureaus have way too much control over American's finances and there is no watch dog.
I smell a fish
August 05, 2019
It seems to me that they are pushing you for the credit monitoring choice. No thanks. I believe I may of had it when the breach happened. In addition, a while ago I thought I should go to the police. They told me years ago that you can’t do anything until the crook’s actually used the card. Well, now they have. The reason I smell a fish? They are already chipping at the money persuading us to get the credit monitoring choice. We see how good that works if they took these numbers a while back and your company didn’t even notice. Plus, you did not sit the for hours and hours cleaning up after this breach.
FTC Staff
August 05, 2019

In reply to by I smell a fish

If your information was exposed in the Equifax breach, you can file a claim for cash payments, capped at $20,000 per person, for expenses you paid as a result of the breach and for the time you spent dealing with the breach. Read about the benefits available at www.FTC.gov/Equifax.

In general, if your information is lost, stolen or exposed in a data breach, you can take steps to protect yourself. Go to IdentityTheft.gov to learn what to do if your Social Security number, bank card, driver's license or other information are lost, stolen or exposed.

Educatedconsumer
August 05, 2019
Equifax's punishment isn't. They admit to nothing, they lose a tiny portion of their immense profits from selling my information to anyone who asks, and they can go right on doing it in the future and never suffer any additional severe consequences. They buy and sell my personal data with no recompense to me, and when they lose it to thieves, they are forgiven. That is reprehensible and the FTC has failed in its mandate to protect the consumer.
TonyB
August 05, 2019
I was under the impression that the recompense was pegged at $125. Nowhere was it stated that there may not be enough funds to cover but a fraction of that amount. Nor was it publicized the event to which the criminally responsible (IMHO) executives were allowed to keep exorbitant bonuses.
MTJ
August 05, 2019
I receive free credit monitoring as a result of another breach, the State is Oklahoma’s Securities Dept.. As such, there’s no point for me to opt for additional monitoring - quite the failure on the part of the FTC.
jh
August 05, 2019
I'm very disappointed with the FTC's approval of a meager cash settlement from Equifax. Capping the cash settlement is another consumer ripoff. The FTC should realize that credit monitoring is not that desirable. There have been so many data breaches, I have multiple, free, credit monitoring services now.
Equifax hater
August 05, 2019
How can the FTC not charge Equifax with wrongdoing when the credit agency allowed security holes to exist in their software? FTC, do your job by charging negligence on such stupid behavior.
Doc Rob
August 05, 2019
This so-called settlement is a joke. A real settlement would have compensated consumers for this breach, not just let the executives quietly retire and keep their multimillion dollar stock packages. There should be no limit to the total amount they have to pay, everybody affected should receive the full amount of money. If they choose to use it to pay for credit monitoring, that is their choice.
Mother
August 05, 2019
I see you’re protecting Big Business, and not the victims of the crime. Shame on you.
AussieBob
August 05, 2019
Shame, shame on you for failure to punish Equifax.
SAK90
August 05, 2019
My boyfriend signed up for the free credit monitoring, but does not know how to confirm if he is receiving it or how to access it. Could you please direct us to a site he can go to in order to check if he was successfully signed up for it? Thank you!
FTC Staff
August 06, 2019

In reply to by SAK90

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.

Tl
August 06, 2019
I signed up for free credit monitoring 3 days ago but haven't received a confirmation. Does anyone know if we will receive an email with registration instructions?
FTC Staff
August 06, 2019

In reply to by Tl

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.

Scott T
August 06, 2019
Why was such a small settlement accepted by the FTC, valuing 147 million people's most private information at such a small dollar amount??
Jim O.
August 06, 2019
The anger of millions was predictable. The FTC failed badly in creating settlement terms that would ensure their desire for recompense. You've let Equifax get away with theft and negligence, and left the victims with no recourse. Do better next time.
chuckatkins
August 06, 2019
A large number of consumers already have credit monitoring from one of the countless data breaches that have already occurred. In that sense the value of that being offered by Equifax is zero. Even if it wasn't, it's only to minimize the damage from the breach. There needs to be some punative accountability to consumers for the negligence in protecting their data.
rickb
August 06, 2019
I have filed a claim to get credit monitoring but have not received any reply. The lookup tool confirmed that my info was included on the data breach. How long will it take to get a response?
FTC Staff
August 06, 2019

In reply to by rickb

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.

Ed68
August 06, 2019
Bad resolution. $125 is already piddiling but 75 cent is insulting. Wish I could start over and sign up for a class action suit. Why would trust them to monitor my credit?
SteamedinTexas
August 06, 2019
What a cowardly and smarmy notice. For shame!! “Just take the credit monitoring”. Boloney. Useless and you know it. Why is the pool of money for $125 cash payments [ as ADVERTISED, as PROMISED] so badly underfunded? You must move as much of the $535 million *Fine* money into the victim payout pool as is necessary to cover every single legitimate claim.
tim
August 06, 2019
Hey FTC, Are you protecting consumers, or are you protecting Equifax? Signed, A Concerned Citizen
swoot1060
August 06, 2019
So when do you expect we receive this small amount which was supposed to be $125?
FTC Staff
August 07, 2019

In reply to by swoot1060

The FTC has information about the settlement at www.FTC.gov/Equifax. FAQ #3 says the settlement administrator will not send out any benefits until they are allowed to do so by the court, which will be January 23, 2020, at the earliest. We will update the page when we have more information.

 

TD
August 06, 2019
The same settlement also gave $100 million to the other Fed government agency Consumer Financial Protection Bureau in penalties. Is it eligible to have those funds disbursed to the real customs or does it go towards CFPB’s overhead that they keep for themselves?
JK4444
August 07, 2019
. I will admit I have some limiting disabilities, but how hard is it to just find the POTENTIAL BREECH tab! OMG. I have looked on this site and forwarded to Equifax site. I just want to ENTER MY LAST 6 digits of my SS and name and find out. ANYONE, please, that please help me by sending a direct link to that page would be awesome. TKS in advance
FTC Staff
August 07, 2019

In reply to by JK4444

To read FTC questions and answers go to: www.FTC.gov/Equifax.

To see if your information was breached click on: Look-up Tool.

To file a claim on the settlement website go to: www.EquifaxBreachSettlement.com

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