Everything You Need to Know About the Equifax Settlement Amount Per Person
Introduction
In July 2017, Equifax, one of the largest consumer credit reporting agencies in the United States, announced that it had suffered a massive data breach. The breach affected approximately 147 million people and exposed sensitive personal and financial information, such as names, Social Security numbers, birthdates, and credit card numbers.
In July 2019, Equifax agreed to settle the class action lawsuit that resulted from the breach by paying up to $700 million in compensation and providing identity theft protection services. But what does this settlement mean for the affected individuals? In this article, we will discuss everything you need to know about the Equifax settlement amount per person.
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How much can you get from the Equifax settlement?
The compensation that you can receive from the Equifax settlement depends on whether you are eligible for the cash payment or the free credit monitoring services.
If you already have credit monitoring services, you can choose to receive a cash payment of up to $125. However, if the number of applicants who opt for the cash payment exceeds the available funds, the payment amount may be reduced proportionally.
If you do not have credit monitoring services, you can choose to receive free credit monitoring services for up to 10 years, or a cash payment of up to $125 after the first six years.
In addition, you can also make a claim for out-of-pocket losses related to the data breach, such as expenses for credit monitoring services, identity theft protection products, and unauthorized charges.
How to file a claim for the Equifax settlement?
To be eligible for the compensation from the Equifax settlement, you must have been affected by the data breach, which means that you must have had a credit report with Equifax at the time of the breach.
To file a claim for the Equifax settlement, you can visit the official settlement website, www.equifaxbreachsettlement.com, and click on the “File a Claim” button. You will need to provide your personal information, such as your name, Social Security number, and address, and choose whether you want to receive the cash payment or the free credit monitoring services.
You can also make a claim for out-of-pocket losses by providing supporting documentation, such as receipts and bank statements.
When will the Equifax settlement be paid?
The deadline to file a claim for the Equifax settlement is January 22, 2020. After the deadline, the court will review the settlement agreement and determine whether to approve it.
If the court approves the settlement, the compensation will be paid after all claims have been processed and approved. The exact timeline for the payment is not yet known.
Conclusion
The Equifax data breach was a significant event that affected millions of people in the United States. However, the Equifax settlement offers a chance for the affected individuals to receive compensation and protect themselves from further harm. By filing a claim for the cash payment or free credit monitoring services, you can take the first step towards recovering from the data breach and safeguarding your personal and financial information.
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