People can now begin to file an Equifax claim for the recent data breach settlement. In 2017, Equifax, one of the three largest credit reporting agencies in the world, announced that it had suffered a data breach. More than 148 million consumers’ identities had been stolen. This month, a settlement was reached in the class-action lawsuit was filed with a federal court, and as a result, Equifax has now launched its claims process to help anyone who may have been a victim.
Before finding out what support you may be eligible for, it is important to know whether or not your information was affected in this breach. The website for consumers concerned about the Equifax data breach settlement has a very handy button that will provide that info for you. All you need to do is enter your last name and the last six digits of your Social Security number, and the site will immediately tell you whether or not your data was compromised.
If you discover that your personal identifiable information (PII) was compromised in the Equifax breach, your next step—should you choose to participate in the class action suit—is to continue filing on the screen. You may be eligible for credit monitoring, identity restoration if your information was fraudulently used and a partial refund if you had already been an Equifax credit monitoring customer.
There are some important things to remember about filing:
Decide what action to take
If you are going to file an Equifax claim, you must do so by January 22, 2020. However, if you wish to state that you are not participating, the deadline to do so was November 19, 2019. If you choose to simply do nothing, which is also an option, the November deadline was only for intentionally opting-out or filing an objection to the suit.
The ITRC recommends that you consider all of your personal circumstances and how the breach and any subsequent identity crime issues impacted you before you jump into submitting your claim. While the process of recovering after an identity theft incident is costly in time, personal impacts and financial ramifications, filing without thinking through all of the possibilities or having all the supporting documentation could short-change your identity hygiene in the long-run.
Determine what kind of claim you need to file
The deadline for filing an Equifax claim—again January 22, 2020—includes filing for reimbursement of out-of-pocket expenses related to this breach, filing for a refund of Equifax products you would already purchase and filing a claim for credit monitoring. If you already have credit monitoring, you can also file for one-time compensation to put towards your existing service.
Section 1 Credit Monitoring: Free Service or Cash Payment
Submitting a claim can be “overwhelming,” so take it slow. At the very least, you should claim the free credit monitoring for up to 10 years.
Option 2 If you already have credit monitoring, then you can claim a cash payment of $125.
Section 2 Cash Payment: Time Spent
Proving the out of pocket expenses could be difficult for victims filing an Equifax claim; “Pointing to a particular compromise and saying that it is the one that caused an issue is extremely difficult,” says Eva Velasquez, president, and CEO of the Identity Theft Resource Center.
In order to become a strong advocate for your case to repair your identity, it is vital to organize your case this includes dated notes, receipts, and summary. The free ID Theft Help App provides an electronic case log feature to track the details of your case.
For example, if you spent time speaking with an Identity Theft Resource Center advisor who helped you remediate your case, you could log that time.
Section 3 Cash Payment: Money You Lost or Spent
Depending on the state you live in, credit freezes were not free to all American consumers prior to September 2018. If at the time the Equifax breach was announced and you decided to pay to freeze your credit, you could be reimbursed those expenses. For example, some consumers paid $10 per bureau to freeze their credit ($30 altogether) as well as having to unfreeze your credit every time you tried to apply for a new account.
Due to the breach actually occurring in May 2017, you could be reimbursed for costs, expenses or losses due to identity theft even before it was announced on September 2017.
Even if you choose not to take part in this class-action suit and your information was compromised in this breach, you are still eligible for the next seven years for identity restoration services. Just because your information has not been used yet, that does not mean it will not happen down the road. After some time, if your identity is fraudulently used, you can still access Equifax’s offer up until January 2024.
Considering placing a freeze on your credit
Whether or not you participate in this suit, it is a good idea to place a freeze on your credit report regardless of whether your information has been compromised (in this or even other data breaches). It is now free to freeze and unfreeze your credit report, but do keep in mind that it can take a little time.
All of the documents, dates, claims process and FAQs can be found on the website that has been built to support Equifax claims. If you are not sure if your information has been affected or if you know it has and need further support, visit EquifaxBreachSettlement.com.
If you are a victim of identity theft in need of assistance, you can receive free remediation services from ITRC. Call one of our expert advisors toll-free at 888.400.5530 or LiveChat with us. For on-the-go assistance, check out the free ID Theft Help App from ITRC.
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