2nd (8/2/19) IMPORTANT UPDATE! $125 option been 'NIXED' Equifax Data Breach Settlement



  • In September of 2017, Equifax announced a data breach that exposed the personal information of 147 million people. The company has agreed to a global settlement with the Federal Trade Commission, the Consumer Financial Protection Bureau, and 50 U.S. states and territories. The settlement includes up to $425 million to help people affected by the data breach.

    If your information was exposed in the data breach, you can file a claim at EquifaxBreachSettlement.com for the benefits described below.

    Free Credit Monitoring and Identity Theft Protection Services
    Up to 10 years of free credit monitoring OR $125 if you decide not to enroll because you already have credit monitoring. The free credit monitoring includes:
    At least four years of free monitoring of your credit report at all three credit bureaus (Equifax, Experian, and TransUnion) and $1,000,000 of identity theft insurance.
    Up to six more years of free monitoring of your Equifax credit report.
    If you were a minor in May 2017, you are eligible for a total of 18 years of free credit monitoring.
    Cash Payments (capped at $20,000 per person)
    For expenses you paid as a result of the breach, like:
    Losses from unauthorized charges to your accounts
    The cost of freezing or unfreezing your credit report
    The 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
    For the time you spent dealing with the breach. You can be compensated $25 per hour up to 20 hours.
    If you submit a claim for 10 hours or less, you must describe the actions you took and the time you spent doing those things.
    If you claim more than 10 hours, you must describe the actions you took AND provide documents that show identity theft, fraud, or other misuse of your information.
    For the cost of Equifax credit monitoring and related services you had between September 7, 2016, and September 7, 2017, capped at 25 percent of the total amount you paid.

    Even if you do not file a claim, you can get:

    Free Help Recovering from Identity Theft
    For at least seven years, you can get free identity restoration services. If you discover misuse of your personal information, call the settlement administrator at 1-833-759-2982. You will be given instructions for how to access free identity restoration services.
    Free Credit Reports for All U.S. Consumers
    Starting in 2020, all U.S. consumers can get 6 free credit reports per year for 7 years from the Equifax website. That’s in addition to the one free Equifax report (plus your Experian and TransUnion reports) you can get at AnnualCreditReport.com. Sign up for email updates to get a reminder in early 2020.

    Check eligibility here
    https://eligibility.equifaxbreachsettlement.com/en/eligibility


  • Global Moderator

    Thanks. Filed a claim for $150 to be paid on a prepaid card with no expiration. The standard $125 plus $25 for one hour of my time putting credit freezes at the 3 major credit reporting bureaus.


  • Global Moderator

    PSA - Equifax Nixes $125 Option from Settlement

    1. I thought I could choose $125 instead of free credit monitoring. What happened?
      The public response to the settlement has been overwhelming. Millions of people have visited this site in just the first week. Because the total amount available for these alternative payments is $31 million, each person who takes the money option is going to get a very small amount. Nowhere near the $125 they could have gotten if there hadn’t been such an enormous number of claims filed.

    The free credit monitoring provides a much better value, and everyone whose information was exposed can take advantage of it. If your information was exposed in the data breach, and you file a valid claim before the deadline, you are guaranteed at least four years of free monitoring at all three credit bureaus (Equifax, Experian, and TransUnion) and $1,000,000 of identity theft insurance, among other benefits. The market value of this product is hundreds of dollars per year.

    You can still choose the cash option on the claim form, but you will be disappointed with the amount you receive and you won’t get the free credit monitoring.



  • 99% of the time the amount expected to be paid is not what you get.
    They are just covering their asses with the answer to #5.


  • 500 Club

    Once you have filed and chosen the $125 option, is there any way of changing your choice?


  • Global Moderator

    @dionaea said in IMPORTANT UPDATE! $125 option been 'NIXED' Equifax Data Breach Settlement:

    Once you have filed and chosen the $125 option, is there any way of changing your choice?

    The FTC blogpost posits that the credit monitoring option is much more valuable. They’ll even be sending out an email with the option to change over from the cash payment to the credit monitoring option instead.

    Frankly, the free credit monitoring is worth a lot more – the market value would be hundreds of dollars a year. And this monitoring service is probably stronger and more helpful than any you may have already, because it monitors your credit report at all three nationwide credit reporting agencies, and it comes with up to $1 million in identity theft insurance and individualized identity restoration services.

    For those who have already submitted claims for this cash payment, look for an email from the settlement administrator. They’ll be asking you for the name of the credit monitoring service you already have. Or, if you want to change your mind, you’ll have a chance to switch to the free credit monitoring. You can also email the settlement administrator, JND, at info@EquifaxBreachSettlement.

    Truthfully, the monitoring might be more valuable. We don’t know how much the settlement will give each person, so it’s hard to gauge. They claim that their credit monitoring is “probably stronger and more helpful than any you may have already,” though I’m personally doubtful of that claim. The $1M in identity insurance is interesting – I believe some other companies have that as well, but I guess this would be an additional $1M of insurance should it come to that.

    In the end, if it’s just $1-$5, I’d probably opt for the credit monitoring and insurance. If it’s more like $30, I’d maybe go for the cash. I like the transparency they’re coming out with, would be cool if they could add some sort of counter so we could know how many people opted for the cash settlement at the moment.


  • Global Moderator


  • Global Moderator

    @mistercheap said in 2nd (8/2/19) IMPORTANT UPDATE! $125 option been 'NIXED' Equifax Data Breach Settlement:

    MC, thanks for posting, but if you read my post from yesterday immediately above yours I already shared that information. The CNN article you posted to was s good read nonetheless.



  • If you took the cash option, you must now tell them the name of the credit monitoring you already have, and free services don’t count. If you don’t update your claim by Oct 15, your claim will be denied. I have heard that the amount is now less than $1 cash option. I haven’t filed yet, but I will probably just choose the monitoring.



  • I believe they extended the filing date. The email today lists Jan 22, 2020 as the deadline to file a claim. To opt out, the deadline is Nov 19, 2019.

    I thought the deadline was in Oct of this year, but don’t see that listed. I haven’t filed a claim yet, but wonder if you have until Jan. to change from $$ to credit monitoring.



  • REMINDER!! The filing deadline is coming soon 1/22/20.


  • Global Moderator

    @briarycliffs said in 2nd (8/2/19) IMPORTANT UPDATE! $125 option been 'NIXED' Equifax Data Breach Settlement:

    If you took the cash option, you must now tell them the name of the credit monitoring you already have, and free services don’t count. If you don’t update your claim by Oct 15, your claim will be denied. I have heard that the amount is now less than $1 cash option. I haven’t filed yet, but I will probably just choose the monitoring.

    there should be a new class action for the shady way Equifax handled this entire thing. Left a really crap taste in my mouth.


  • Global Moderator

    @briarycliffs said in 2nd (8/2/19) IMPORTANT UPDATE! $125 option been 'NIXED' Equifax Data Breach Settlement:

    REMINDER!! The filing deadline is coming soon 1/22/20.

    Expires today.





  • Got an email with 4 years of credit monitoring from this today.

    You filed a claim in the Equifax Data Breach Settlement and chose to receive free, three-bureau (Equifax, Experian, and TransUnion) credit monitoring from Experian for four years. Implementation of the Settlement was delayed by appeals; however, the Settlement is now effective because appellate courts have affirmed it. This email provides additional information about the services provided by Experian as part of the Settlement and how you can enroll.

    You are receiving free membership in Experian IdentityWorks℠ for four years. You must enroll by June 27, 2022.

    This service is free for you and provided as a Settlement benefit. You do not need to provide any payment information to enroll and you do not need to cancel the service when it ends. We encourage you to enroll today.



  • Deadline for the free 4 years is June 27, 2022. Activate it now if you received it.


  • Global Moderator

    They make you wait over 3 years for a settlement but only give you a 2 week enrollment window. I sense a class action suit coming. 🤣


 

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