![]() ![]() Starting next year, you can request up to six additional free credit reports per year from Equifax through 2027. If you already have credit monitoring in place, you can request a $125 cash payment. In addition to the cash compensation for those who can prove they directly lost time or money, all affected consumers will have the opportunity to receive at least four years of credit-monitoring services through Experian and up to an additional six more years of monitoring with Equifax. Consumers can claim additional services from Equifax While that could make it more difficult for consumers to claim the total $20,000 cash payment available, Monday's settlement offers other forms of relief and ongoing help for consumers. The claims process has not opened yet, but you can sign up for email notifications about the Equifax settlement from the FTC.ĭuring a conference call Monday, a spokesperson from Equifax said that data from the 2017 breach has yet to be discovered for sale on the dark web. ![]() As part of that $20,000 restitution, consumers can submit claims for any time they had to spend dealing with data breach - $25 per hour, up to 20 hours, according to the Federal Trade Commission. consumers and Equifax as we move forward from the 2017 cybersecurity incident."Īccording to Equifax, individual consumers will be able to claim up to $20,000 for any losses or fraud caused by the breach or any out-of-pocket expenses they may have incurred, such as buying credit monitoring services or paying to freeze and unfreeze their credit reports. "This comprehensive settlement is a positive step for U.S. "We have been committed to resolving this issue for consumers and have the financial capacity to manage the settlement," Equifax CEO Mark Begor said in a statement. The restitution fund will have $300 million dedicated to consumer compensation, with an additional $125 million at the ready if the initial funds run out. ![]() The proposed settlement, which still needs to be approved by a judge in what's expected to be a six-month process, includes $425 million to directly help consumers affected by the breach. ![]()
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