Has anyone received money from Equifax Settlement? Five years after the devastating Equifax breach that shook the consumer credit-scoring sector, victims are finally starting to hear about their impending settlement payments.
The claims administrator in charge of the class-action settlement informed recipients of their eligibility and informed them of their payment alternatives in emails addressed to consumers last week and this week.
Has anyone received money from Equifax Settlement?
No, the payment has not started yet. By January 22, 2024, claims must be submitted. Payout will begin following this date. You’ll likely receive far less money than the $125 maximum for individual cash payments because so many claims were submitted.
The settlement would include up to a total of $425 million to help those who were harmed by the data leak. For detailed information, check out the FTC announcement. If you want to know how to get compensation, keep reading.
How to get Equifax Data Breach Settlement compensation?
To be eligible for either a cash reward or free credit monitoring, you must submit a claim (or both). A claim can be filed online or via email.
The “Extended Claims Period,” which runs from January 23, 2020 through January 22, 2024, is when you must file your claim for out-of-pocket losses or time spent.
Is Equifax’s email legit?
If the email you get comes from [email protected], it is legit.
Now, the settlement administrator is reviewing claims for lost time and out-of-pocket expenses. If more information is needed for your claim, the administrator will email or write to you. The settlement administrator routinely emails clients qualified for a settlement payout to offer other payment options.
Equifax Data Breach Settlement amount
The Federal Trade Commission, the Consumer Financial Protection Bureau, and all 50 states and U.S. territories have reached a global settlement with Equifax. The settlement would include up to $425 million for the purpose of helping those who were harmed by the data leak.
How much is the Equifax settlement per person?
It’s likely that you’ll receive far less money than the $125 maximum for individual cash payments because there were so many claims submitted.
Equifax Data Breach Settlement payout day
By January 22, 2024, claims must be submitted. Payout will begin following this date.
Equifax Data Breach summary
The credit reporting firm Equifax acknowledged on September 7, 2017, that one of its computer networks had had a data leak that had exposed the personal information of 143 million clients, which eventually rose to 147 million. These records included information about the customers’ names, residences, dates of birth, Social Security numbers, and credit card numbers, all of which may be exploited for fraud and identity theft.
- According to the FTC, Equifax agreed to pay at least $575 million and possibly as much as $700 million in July 2019.
- January 2020: The settlement receives the court’s final approval.
- Actual compensation amount: $425 million (Equifax Breach Settlement)
- January 2022: Completion of the Settlement (FTC)
- The settlement administrator will provide activation codes to eligible clients who select free credit monitoring services in February 2022.
- Benefits for eligible out-of-pocket costs related to the breach or identity theft brought on by the breach, as well as time spent (up to 20 hours) recovering control over the data breach, start to be provided to clients by the settlement administrator in the fall of 2022. Anyone who suffers monetary damage due to identity theft may be qualified to receive up to $20,000. Settlement for Equifax’s Data Breach.
Check out Equifax Data Breach Settlement 2022.
Biggest data breaches in the U.S.
|AFFECTED ENTITY||DATE REPORTED||NUMBER OF VICTIMS|
|River City Media||March 2017||1.37 billion|
|Yahoo||December 2016||1 billion|
|Yahoo||December 2016||1 billion|
|Yahoo||September 2016||500 million|
|Veeam||September 2018||445 million|
|Marriott||November 2018||383 million|
|Exactis||June 2018||340 million|
|Zynga||September 2019||218 million|
|Deep Root Analytics||June 2017||200 million|
|Dubsmash||February 2019||161.55 million|
|Equifax||September 2017||146.6 million|
|MyFitnessPal||March 2018||143.61 million|
|Heartland Payment Systems||January 2009||130 million|
|Apollo||October 2018||125.93 million|
|Tetrad Computer Applications||February 2020||120 million|
- Source: Identity Theft Resource Center