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Equifax Data Breach Compensation Claim
Have your personal financial details been exposed to the world as a result of the Equifax data breach? If they were, you could claim your share of $700 million. That’s the total amount that Equifax may have to pay compensation claims of the victims of the 2017 data breach.
Equifax Data Breach – What Happened?
In 2017, hackers broke into the Equifax servers. They stole the personal details of almost 148 million Americans. The data stolen included people’s home addresses and social security numbers. The information the hackers got their hands on was enough to steal the identities of the victims. So, if you have been a victim of identity theft in the past 2 years, it may be thanks to the lax security at Equifax. Even if you haven’t been the victim of identity theft, you may still be due compensation for the data breach.
The first thing you must do to guard against identity theft is to check your credit reports. It’s ironic, then, that one of the largest credit bureaus in the world has allowed this breach to happen. Equifax knew that their systems were vulnerable four months before the hack occurred. The data breach occurred in July 2017. Yet, Equifax did nothing about it. So, it comes as no surprise that the credit agency will now have to pay a big price for their complacency.
Equifax Data Breach – The Settlement
The Federal Trade Commission has announced that a compensation settlement with Equifax is now agreed. That settlement includes security precautions that Equifax must follow in the future. And, it provides for compensation for consumers affected by the breach. The total cost of the settlement package could reach as much $700 million.
Are You Eligible to Make an Equifax Data Breach Claim?
Hackers stole the personal data of almost half of all Americans in the Equifax data breach. So, there is a good chance that you are eligible for some compensation.
If it was your data that was exposed, you may be able to claim for compensation now. You might get free credit monitoring, a cash payment of $125, or the expenses you incurred up to a total of $20,000.
To check if you are eligible to file a claim, you can use this you can use this simple lookup tool. The tool is available on the official Equifax Data Breach Settlement website. All you will need to make this check is your last name and the last 6 digits of your social security number.
How Much Money Can You Claim from Equifax?
If your personal data was exposed in the Equifax data breach, you can file your claim for compensation online at the Equifax Data Breach Settlement website. Or, if you prefer, you can download a claim form and send it to the administrator. Here’s what you can claim for if your data was exposed:
$125 or Free Credit Monitoring for Ten Years
You can enroll for free credit monitoring for ten years. You can get an initial four years of monitoring of your credit by the top three credit bureaus for free. Those top three credit agencies are Equifax, Experian, and Transunion. That will then be followed by a further six years of free monitoring at Equifax alone. If you don’t need the free credit monitoring, you can opt-out of the free monitoring offer and claim $125 instead.
Compensation of Up to $20,000
You can also claim for the time it has taken you to deal with the data breach. Plus, you can claim for any expenses you incurred as a result of the breach. The total amount that you can claim is $20,000.
Claiming for Reimbursement of Losses and Expenses
You can claim for the costs you incurred as a result of the breach. These costs might include:
- Losses arising from fraudulent charges to your accounts.
- Cost of credit monitoring
- Professional fees, including accountant’s fees and legal fees
- Fees paid for freezing or unfreezing your credit report
- Sundry expenses, such as postage, mileage phone charges, and notary fees.
Claiming for Your Time Spent on Dealing with the Equifax Data Breach
You can also claim for your own time that you spent dealing with the fallout from the data breach. Your time is payable at the rate of $25 per hour. You can claim up to a total of 20 hours. If you claim 10 hours or less, all you need to do is explain how you spent that time and what you had to do. If you claim more than 10 hours, you will need to provide evidence of fraud or misuse of your personal data.
When is the Deadline for Making Equifax Data Breach Claims?
The deadline for making an Equifax data breach claim is January 22, 2020. Payments of claims will occur on or after January 23, 2020. That is when the courts will approve the payments.
Thanks for reading this post. Good luck with your Equifax data breach claim! Please share this post on your social media accounts. Let more people know that they have the right to claim compensation for the data breach at Equifax.
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