You can get “up to” (there are those words again) $25 an hour you spent on: What about the time I spent protecting myself after the breach? There would need to be no more than 248,000 approved claims out of the 147 million consumers affected - or less than one-fifth of 1% - for approved applicants to get the full $125. What are the odds of getting the maximum $125? Settlement terms say that alternative reimbursement claims will be paid from a $31-million “bucket.” If there are enough claims to empty that bucket, the amount each person gets will drop as the pool of money is distributed proportionally. (Doing the math: Four years of that $19.99 monthly service would total $959.52.) The lowest price Experian advertises on its website for that coverage is $19.99 a month. The free credit monitoring gives you four years of free monitoring from Experian that covers the three major credit bureaus: Equifax, Experian and TransUnion. You are choosing between a guaranteed minimum amount of free credit monitoring or compensation that could be far less than $125, depending on how many people apply. Or, if they already have credit monitoring, they can apply for alternative compensation of up to $125. Free monitoring or $125?Īll affected consumers can get free credit monitoring. Watch for qualifiers such as “up to,” and know the limitations of the settlement. You can find out if you were affected by going to the settlement website (), and get yourself on the list for free credit monitoring and/or monetary compensation.īut the compensation you apply for may not be what you end up with. adults who have credit) are finding themselves a bit confused by the avalanche of information that followed last month’s $700-million settlement announced by the Federal Trade Commission. dipped slightly before the opening bell.Consumers whose personal information was exposed during the 2017 Equifax data breach (that’s most U.S. The settlement must still be approved by the federal district court in the Northern District of Georgia. The company said earlier this year that it had set aside around $700 million to cover anticipated settlements and fines. The announcement Monday confirms a report by The Wall Street Journal that the credit reporting agency had reached a deal with the U.S. This settlement requires that the company take steps to improve its data security going forward, and will ensure that consumers harmed by this breach can receive help protecting themselves from identity theft and fraud." "Equifax failed to take basic steps that may have prevented the breach that affected approximately 147 million consumers. "Companies that profit from personal information have an extra responsibility to protect and secure that data," said FTC Chairman Joe Simons. Consumers must submit a claim in order to receive free credit monitoring or cash reimbursements.If consumers choose not to enroll in the free credit monitoring product available through the settlement, they may seek up to $125 as a reimbursement for the cost of a credit-monitoring product of their choice.consumers may request up to six free copies of their Equifax credit report during any 12-month period. All impacted consumers would be eligible to receive at least 10 years of free credit-monitoring, at least seven years of free identity-restoration services.What settlement means for Equifax customers The compromised data included Social Security numbers, birth dates, addresses, driver license numbers, credit card numbers and in some cases, data from passports.Īffected consumers may be eligible to receive money by filing one or more claims for conditions including money spent purchasing credit monitoring or identity theft protection after the breach and the cost of freezing or unfreezing credit reports at any consumer reporting agency.ĮQUIFAX SETTLEMENT: Freezing your credit is free in all states after Equifax security breachĮQUIFAX SETTLEMENT 2019: How to protect yourself beyond a credit freeze The consumer reporting agency, based in Atlanta, did not detect the attack for more than six weeks. The breach was one of the largest ever to threaten the private information. Consumer Financial Protection Bureau and the Federal Trade Commission, as well as 48 states and the District of Columbia and Puerto Rico, would provide up to $425 million in monetary relief to consumers, a $100 million civil money penalty, and other relief. and states over a 2017 data breach that exposed Social Security numbers and other private information of nearly 150 million people. WASHINGTON (AP) - Equifax will pay up to $700 million to settle with the U.S. Watch Video: Here's what to do if your free Equifax credit lock expired
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |