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What Happens if You Don't Claim Your Equifax Money?

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Via: katrix • 5 years ago • 13 comments

What Happens if You Don't Claim Your Equifax Money?

The settlement of up to $700 million includes as much as $425 million for individual compensation. With so many Americans affected, it's very likely you could qualify for some form of compensation as a result of the settlement.

S E E D E D C O N T E N T

Was I affected?

The Equifax Data Breach Settlement website has a look-up tool where you can find out whether your data was compromised.

How do I get the money?

If you'd like to get 10 years of free credit monitoring -- or $125 if you already have ongoing credit monitoring -- you can make a claim.

You can choose to receive the payment at home as a check or as a debit card after final approval from the court, which is set for December 19.

What if my identity was stolen?

Per the settlement, you're eligible for seven years of "free identity restoration services," according to the FTC. If you find out that your personal data has been misused, you can call the FTC's settlement administrator to get help.

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Sophomore Participates

1 seeder katrix 5 years ago

If you've already been exposed through a prior breach - such as OPM, Yahoo, Blue Cross/Blue Shield, or countless others - you probably already have credit monitoring (if you bothered to sign up). In that case, you're probably due $125 as I am. If not, and your data was exposed through the Equifax breach, you'll get 10 years of free credit monitoring.

It's very easy to check your eligibility and file your claim, so check it out.

Professor Principal

1.1 Vic Eldred replied to katrix @1 5 years ago

Thanks Kat. Will do!

Sophomore Participates

1.1.1 seeder katrix replied to Vic Eldred @1.1 5 years ago

Good luck ... well ... errr ... it's not good if your data was hacked. But if it was, you may as well get some money.

Professor Principal

1.1.2 Vic Eldred replied to katrix @1.1.1 5 years ago

Lol, thanks, I guess...

Professor Principal

1.2 devangelical replied to katrix @1 5 years ago

good job!

Professor Principal

1.3 Trout Giggles replied to katrix @1 5 years ago

Already filed my claim. But thanks for this seed

Sophomore Participates

2 seeder katrix 5 years ago

Sometimes I figure I should just include my SSN as part of my email signature, since at this point pretty much anyone who wants it has it.

The OPM breach affected not only everyone who's ever had a background check, but also their friends and family members who they listed. And of course tons of people have Yahoo accounts, or have shopped at one of the many stores who were compromised. So don't think this doesn't apply to you.

There's also a site where you can enter your various accounts and find out if your passwords are out there - and trust me, they probably are.

Isn't cybersecurity fun?

Professor Quiet

3 Jasper2529 5 years ago

Good info. Thanks, katrix!

Professor Guide

4 Split Personality 5 years ago

Starting in 2020, all U.S. consumers will be entitled to six free Equifax credit reports each year for seven years. This can help you to monitor for any suspicious activity. All Americans are entitled to get free identity theft recovery services for seven years.
If you were affected by the breach, you can get up to 10 years of free credit monitoring of your three credit reports at Experian, TransUnion and Equifax by an independent third-party service that will be determined by the court. Or, you can receive $125 if you already have a credit monitoring service and won't enroll in the free one.

If you spent time or money dealing with an ID theft issue that occurred after the hack and involved personal data that was exposed by the breach, you can get compensated up to $20,000 per person. You can be reimbursed for the following:

Losses from unauthorized charges on your accounts

Cost of freezing or unfreezing your credit report

Cost of credit monitoring

Fees you paid to professionals like an accountant or attorney

Other expenses like notary fees, document shipping fees and postage, mileage, and phone charges

You're also eligible to get $25 per hour for time spent dealing with the breach's aftermath, up to 20 hours. For the first 10 hours, you just need to certify that you spent this time. For the additional 10 hours, you may need to provide documentation.

The claims process will open up after the settlement is approved by the court. In the meantime, it's best to gather documents, emails, receipts and other information to support your claim. You can find more information on the FTC's website .