$125 Equifax Breach Settlement

What is it?

Credit reporting company Equifax experienced a malicious cyber attack in 2017. It began on May 13th and went unnoticed for a long time before they were able to patch their software on July 30th.

This breach led to hundreds of millions of US citizens highly sensitive data being leaked onto the dark web. Regardless of whether or not you directly shared information with the company you could still be a victim of this breach.

How am I a potential victim if I did not share my information with Equifax?

Equifax is one of 3 credit reporting companies that collect financial data to produce credit scores. They do this by evaluating your financial activity through an intermediary business, agency or other company. They collect information from credit card applications, sources of income, late or unpaid bills etc. Data is often compiled indirectly and without your knowledge through intermediaries.They are targeted by hackers because they store sensitive data of millions of people.

How do I participate in this settlement?

Step 1: Check eligibility by entering the last 6 numbers of your SSN and surname to see if your personal data was leaked by Equifax.

Step 2: Choose to receive either free credit monitoring services or an “Alternative Reimbursement Compensation” up to* $125. If you choose the Alternative Reimbursement Compensation you can also receive compensation for any out-of-pocket losses or time you spent in relation to this breach at a rate of $20 an hour.

Important dates:

File your claim by January 22, 2020 to receive any compensation from this breach up until this date. Any claims for related events that occur after the initial claims period deadline have until January 22, 2024 to file before the Extended Claims Period Deadline.

*Recently Equifax backpedaled their compensation amount of $125 because they were not expecting so many people to participate in this settlement. The amount of compensation could become substantially lower but it is unclear what the amount will be until after the initial claims period deadline.