#Equifax breach settlement free

The PlayersĮquifax is a multinational credit reporting agency, founded in 1899 and headquartered in Atlanta, Georgia. Credit reports might also be requested by landlords and employers to screen tenants and employees (Dollarhide). Those with a history of reliably paying back loans are more likely to receive credit and favorable interest rates. This data is compiled into credit reports which are bought by lenders and used to assess the creditworthiness of individuals applying for loans. Credit card companies, banks, employers, and landlords sell consumers’ borrowing and repayment history to CRAs. CRAs aggregate and sell historical credit information of individuals and companies. The case study of the Equifax data breach exemplifies flaws inherent in management of Credit Reporting Agencies (CRAs).

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#Equifax breach settlement free

If you’re not a gambling type, Mashable recommended that consumers consider forgoing the $125 for the 10 years of free credit monitoring. If only a million people go for the cash, you're getting $31 apiece.” “If there are more than $31 million claims for Alternative Reimbursement Compensation, all payments for Alternative Reimbursement Compensation will be lowered and distributed on a proportional basis,” states the settlement agreement.Īs Mashable pointed out earlier, “if every single one of the 147 million people affected by the data breach opted for a cash payment, each person would get $0.21 each. The purpose of the hack and what the breached data was or will be used for is still largely a mystery.Īs news of the up to $700 million settlement spread, media outlets began covering a detail involving the $125 disbursements, known as the “Alternative Reimbursement Compensation,” that dashed some hopes and dreams of an easy check from Equifax.

Hackers accessed names, addresses, Social Security numbers, credit card numbers, driver's licenses, birthdays, and other private information. That takes time - at least 10 undocumented hours. If you were one of the more than 147 million affected, you should take the time to monitor your credit, double check your security with your various financial services accounts, keep up-to-date with the breach, and safeguard yourself from identity theft or fraud. I’m not telling you to make up the time spent. They just need to describe what actions they took and how much time was spent dealing with the breach. If an individual claims no more than 10 hours, no documentation proving identity theft or fraud is necessary. When filing at the Equifax settlement website, consumers can elect to claim $25 per hour, for up to 20 hours, for time spent dealing with the fallout of the breach. If you spent hours dealing with the fallout, you should at least be asking for $375. However, if you’re only requesting $125 from Equifax, you’re not asking for enough. Alexandria Ocasio-Cortez even tweeted about it. News spread quickly regarding the restitution, a possible $125 cash payment (or 10 years of free credit monitoring services) to the nearly 150 million affected. Read more here.īy now, you’ve likely heard about Equifax’s settlement with the FTC for its massive data breach in 2017. EDT The FTC is now officially suggesting that consumers take the free credit monitoring services because there's not enough money to go around.