The Equifax Settlement – What You Need To Know

We’re taking a break from our Debt series to talk about something that’s been in the news this week: the Equifax Data Breach settlement. As the result of a data breach in September 2017 that exposed the private data of 147 million people, Equifax reached a settlement this month that makes up to $425 million available to help individuals who were affected. Here’s what you need to know right now.

1) The deadline for submitting a claim for isn’t until January 22, 2020 so you don’t need to do anything right now. You have time to learn more, consider your options, and still make a claim if you choose to.

2) The Federal Trade Commission (FTC) has a website here https://www.ftc.gov/enforcement/cases-proceedings/refunds/equifax-data-breach-settlement with more information, including a link to the eligibility checker we have included below, and other resources. We strongly suggest starting here for anything you do related to the Equifax settlement. This story is big news and there will be scams that attempt to cash in on people’s interest. Don’t click on links on Facebook or other social media that claim to be able to tell you if you’re eligible for a claim. Don’t respond to emails or calls requesting your personal information to help you get paid by Equifax. The FTC site should have all relevant information you need. Start there and you should be fine. Be suspicious of anything else related to this.

3)  There are several steps to the process, but the first is to find out if you were one of the people affected by the breach. The administrator of the settlement has a website where you can check to see if you were a part of the breach, and therefore eligible to make a claim. It is here: https://eligibility.equifaxbreachsettlement.com/en/eligibility (there is also a link to this on the FTC page we linked above).

4) You can file a claim for up to ten free years of credit monitoring or $125 if you already have credit monitoring. If you have expenses related to the breach (like unauthorized charges, costs of credit monitoring, etc.) you can apply to be reimbursed for those expenses and the time you spent dealing with the breach. Whether you file a claim or not, you can get free identity restoration services if you suspect your personal data is being misused.

If you have more questions about the Equifax breach or what you should do if you qualify for a claim, just ask one of our financial coaches.