The Equifax Breach Settlement

In 2017, Equifax, one of the largest credit reporting agencies, suffered a massive data breach that exposed the personal information of approximately 147 million people. In response, Equifax agreed to a settlement that provides financial compensation and free services to those affected. Here’s what the Equifax breach settlement includes and how you can benefit.

What Does the Equifax Breach Settlement Include?

The settlement provides several types of compensation and assistance to eligible claimants, including:

1. Free Credit Monitoring or Cash Payment

If you were affected by the breach, you could receive up to four years of free credit monitoring from Experian and an additional six years of free credit report access through Equifax. Alternatively, if you already have credit monitoring, you could choose a cash payment of up to $125.

2. Reimbursement of Your Time and Other Cash Payment

The settlement allows affected individuals to claim compensation for time spent dealing with the breach. You can receive up to $25 per hour for up to 20 hours of documented time spent addressing fraud or identity theft related to the breach. Additionally, out-of-pocket expenses such as fees for freezing and unfreezing credit reports, costs related to fraud prevention, or any financial losses due to identity theft may also be reimbursed.

3. Free Identity Restoration Services

Even if you do not file a claim, you are still eligible for free identity restoration services for at least seven years. This means you can get assistance from trained professionals if you experience fraud or identity theft related to the Equifax breach.

Who Can File a Claim?

Anyone whose personal information was compromised in the Equifax data breach is eligible to file a claim. You can check your eligibility on the official settlement website by entering your information.

When and How Will You Receive Your Benefits?

If You File a Claim

• The benefits you receive depend on the type of claim you submitted:
• Did You Ask for Money? If you opted for a cash payment, you may receive compensation via check or direct deposit, depending on your chosen method.
• Did You Ask for Free Data Monitoring? If you select free credit monitoring, you will receive instructions on how to activate the service.

If You Don’t File a Claim

Even if you don’t file a claim, you are still entitled to free identity restoration services. If you experience identity theft or fraud, you can access these services at no cost.

Learn How You Can Protect Your Information

While the Equifax settlement provides relief, it’s important to take steps to protect your data. Here are some recommendations:

• Monitor Your Credit Reports Regularly – Check your credit reports for any suspicious activity.
• Use Strong Passwords and Multi-Factor Authentication – Secure your online accounts with complex passwords and extra verification steps.
• Be Cautious of Phishing Scams – Do not click on suspicious links or provide personal information to unverified sources.
• Consider Placing a Fraud Alert or Credit Freeze – This can help prevent unauthorized access to your credit file.

The Equifax breach was a wake-up call about the importance of data security. If you were affected, make sure to take advantage of the settlement benefits and implement best practices to safeguard your information moving forward.