If you wait for a $ 125 check or debit card from the Equifax settlement, you may be disappointed. Most people affected by the company's huge data breach in 2017 may have a much smaller network of changes.
The settlement is the result of a 2017 breach in which the personal data of 147 million US consumers – including social security numbers, birth dates and addresses – were exposed to hackers. Because the company failed to protect this personal information, the company was forced to postpone $ 700 million as part of a settlement with the Federal Trade Commission, the Consumer Financial Protection Bureau and various state attorneys general.
While some of that money is about $ 425 million to help people affected by the data breach to compensate them for time dedicated to dealing with identity theft and up to $ 20,000 for expenses incurred as a result of the breach.
violations will have the option of choosing to have supervised credit, free of charge, for 1
However, if you dig into the details of the program, only $ 31 million of the $ 700 million settlement will go to consumers who choose to receive payment.
As stated in the Settlement FAQ section: "If there is more than $ 31 million in claims for time spent during the initial claim period … all payments for time use will be reduced and distributed proportionately."
If you do the math, that means there is just enough money for 248,000 people to receive $ 125 in what is known as alternative reimbursement.
At the same time, it can be difficult to prove that your data was misused as a result of Equifax breach and receiving the up to $ 20,000 available for pocket expenses, as CNBC reports, it can be difficult to link identity theft to a specific data breach, which is separate from the $ 31 million set aside for the alternative program If this compensation exceeds the funds allocated to this part of the program, Equifax will add up to $ 125 million to pay for claims v.
As part of the settlement, you may still have access to identity recovery services for the next seven years, which include access to a customer support center. So even if you are not happy with the payment you receive, it may be worth bookmarking the Equifax settlement website – just in case.
If you still want the chance to get some compensation, check if you can check if you were hit by the break here. You can file a claim on the Equifax website for data breach settlement until January 22, 2020.