While the settlement initially promised a $125 cash payment per person, the actual amount received by individuals was significantly lower. This discrepancy was due to the overwhelming number of claims filed.
The Equifax data breach settlement, finalized in January 2020, allocated up to $700 million to compensate U.S. consumers affected by the 2017 breach. This settlement includes provisions for free credit monitoring, identity theft protection, and cash payments for out-of-pocket expenses and time spent addressing identity theft issues.
💸 Cash Payments
While the settlement initially promised a $125 cash payment per person, the actual amount received by individuals was significantly lower. This discrepancy was due to the overwhelming number of claims filed. The $31 million set aside for cash payouts was insufficient to cover all claims at the promised amount, leading to pro-rata reductions. As a result, many individuals received payments ranging from $2.64 to $14.90, with some receiving slightly higher amounts.
🛡️ Additional Compensation Options
Beyond the cash payments, affected individuals could also claim:
Reimbursement for Out-of-Pocket Expenses: Up to $20,000 for documented expenses related to the breach, such as costs incurred from freezing/unfreezing credit reports or purchasing identity theft protection services.
Reimbursement for Time Spent: Up to $25 per hour for time spent addressing issues resulting from the breach, with a maximum of 20 hours.
Free Credit Monitoring Services: Up to 10 years of credit monitoring services, including monitoring from all three major credit reporting agencies—Equifax, Experian, and TransUnion.
Also Read : Xfinity Activate Modem
📅 Important Deadlines
January 22, 2020: Deadline to file claims for financial reimbursement and other benefits.
January 22, 2024: Extended deadline for claims related to expenses incurred after the initial deadline.
January 2029: Deadline to claim identity restoration services.
🔍 Checking Eligibility
To determine if you were affected by the breach and are eligible for compensation, you can use the Federal Trade Commission’s (FTC) Online Eligibility Lookup Tool. This tool requires you to enter the last six digits of your Social Security number and your last name.
info@equifaxbreachsettlement
The official email address for the Equifax Data Breach Settlement is info@equifaxbreachsettlement.com. This address is used by the Court-appointed Settlement Administrator to communicate with individuals affected by the 2017 data breach. If you receive emails from this address, they are legitimate and part of the settlement process.
However, be cautious of phishing attempts. Scammers may send emails that mimic the official address by altering characters or misspelling words. Always verify the sender’s email address carefully. If you suspect an email is fraudulent, do not respond or click on any links. Instead, forward it to abuse@equifaxbreachsettlement.com. You can also report it to the Federal Trade Commission (FTC) at ReportFraud.ftc.gov.reddit.com
For official information and to check your eligibility for settlement benefits, visit the official Equifax Data Breach Settlement website: www.equifaxbreachsettlement.com.
