Equifax settled with the Federal Trade Commissions (FTC) over its massive data breach two years ago. If you were involved in the breach, it’s quite easy to make a claim. You are entitled to either free monitoring at the three credit bureaus, or $125. You must have credit monitoring and maintain it for the next six months in order to claim the $125.
Before we go any further, let me introduce an important point on the $125. Equifax set aside $31 million for this part of the program. That means if 1 million people apply, we only get $31 each. It’s fair to say that the actual payouts will be much lower than $125, but that is the number they have listed in the settlement. So I will use $125 for the rest of the article.
I was involved in the data breach (along with 147 million Americans). I already have free credit monitoring through Credit Karma. Thus, I filed my claim for $125. It was really easy. I did it in less than 5 minutes online.
If you have actual losses suffered, you can make a claim for that as well. That might be a little more work and will require documentation.
You need to file a claim by January 22, 2020 if you want your share of the settlement. Checks won’t be sent until late January at the earliest, but there’s no harm in filing your claim now. It’s the easiest $125 I’ve made in a while. Even if it becomes $20, it was still easy.
To get more information and file your claim (if you’re eligible) go to: https://www.equifaxbreachsettlement.com/file-a-claim
Go here to verify your eligibility: https://eligibility.equifaxbreachsettlement.com/en/eligibility
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About the Author: John O’Connor
John has more than ten years experience as an Investment Advisor. He focuses on devising and maintaining portfolios that meet individuals’ needs, investment research, and investment strategy. John has been recognized as a “FIVE STAR wealth manager” by Twin Cities Business Magazine 2016-2020.