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 Can I get reimbursement for by Simple ?
Go to www.FTC.gov/Equifax to read about benefits available under the settlement.
You can file a claim for cash payments for expenses you paid becuase of the breach, like the cost of credit monitoring or cost of freezing & unfreezing your credit report.
Read about the free credit monitoring on the FTC information page and in the FAQ at www.EquifaxBreachSettlement.com.
In reply to Go to www.FTC.gov/Equifax to by FTC Staff
In reply to Im confused how the free by Rio
Credit monitoring tracks activity on your credit reports at one, two, or all three of the major credit bureaus — Equifax, Experian, and TransUnion. If you spot activity that might be because of identity theft or a mistake, you can take steps to resolve the problem before it grows. Some companies monitor daily. Some monitor less frequently.
If you request your credit reports, you get information about what new activity is on your credit report whenever you get the report. If you request a report every two months, you will probably be getting new information less often than if you had credit monitoring.
In reply to How can I tell if my account by my email is my…
Use the look-up tool that is on the Equifax settlement site to find out if your information was affected.
Go to www.FTC.gov/Equifax for more information about the settlement.
In reply to To me, it is none of their by Sher
If you filed a claim before August 2, 2019 and asked for a cash payment of up to $125, you may get an email that says you must take steps to get your benefits. If you want benefits, follow the instructions in the email. You must:
You must take the steps before October 15, 2019, or your claim may be denied. Get more information about the settlement at www.FTC.gov/Equifax or www.EquifaxBreachSettlement.com.
In reply to Not sure if credit monitoring by SKim
You can file a claim for expenses you paid as a result of the breach and time you spent dealing with the breach. Go to www.FTC.gov/Equifax to learn what expenses you can claim, and other benefits available under the settlement.
You must file a claim by January 22, 2020. Go to www.EquifaxBreachSettlement.com to file a claim.
In reply to Signed up for credit by An
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 earliest the settlement will be final is January 23, 2020.
In reply to How do we find out if our by marcdavid
You can look that up from www.FTC.gov/Equifax.
In reply to I got an email asking for by Sher
FAQ # 10 on the settlement website (www.EquifaxBreachSettlement.com) says if you ask for cash reimbursement instead of free credit monitoring, you must certify that you have some form of credit monitoring or protection services on the date you submit your claim form, name the provider of those services, and certify that you will keep those services for a minimum of six (6) months.
In reply to FAQ # 10 on the settlement by FTC Staff
In reply to I signed up for free credit by NHA
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.
In reply to If we sign to receive free by Concerned and …
You can learn more about the free credit monitoring at www.EquifaxBreachSettlement.com in the FAQs (Frequently Asked Questions). FAQ # 8 has information about the credit monitoring service.There 27 FAQ on the page.
In reply to When will we be contacted by MsAeb333
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.