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(CNN) - Equifax data breach victims who filed for a $125 settlement check will have an opportunity to change their selection and opt for free credit monitoring instead. The money is not first-come, first-served; the $31 million will be split among those who filed a claim for credit monitoring subsidies. Much of the rest of the $300 million is devoted to providing free credit monitoring. Still, the FTC said the offer of free credit monitoring is a good deal. "The free credit monitoring is worth a lot more than the cash reimbursement alternative.
Originally, those who filed a claim and requested a cash payment were expected to get a $125 check, but that number keeps dwindling. FTC wants those affected by 2017 Equifax data breach to choose Equifax's offer of free credit monitoring. So many people are seeking cash payment option that there may not be enough money for everyone to receive a $125 check. The FTC previously announced that Equifax would be paying $31 million to consumers and that those affected would get $125 back within the week. If you already filed a claim and asked for the cash payment option you will receive an email offering to help you change to the free credit monitoring option.
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Now, the FTC is trying to persuade Americans to pick a different option: take Equifax's offer of free credit monitoring instead. Under the deal, consumers can file for Equifax's free credit monitoring or to receive a check for up to $125, which is meant to reimburse the cost of getting credit monitoring from elsewhere. "Frankly, the free credit monitoring is worth a lot more the market value would be hundreds of dollars a year." The $31 million cash fund is part of a larger $300 million fund that Equifax agreed to pay for under its data breach settlement with the FTC. The rest of the Equifax money provides free credit monitoring for customers who select that option instead of cash.
Equifax settled with the US Federal Trade Commission over its 2017 data breach, which affected 147 million Americans. The bank said Monday that a hacker gained access to more than 100 million of its customers' personal information. The breach potentially compromises people's Social Security numbers, bank account numbers, addresses, credit scores and limits, among other data. Yahoo's epic historic data breach in 2013 compromised 3 billion people in total. EquifaxEquifax disclosed in 2017 that personal information of as many as 143 million people was compromised.
DETROIT - Equifax is having to pay the piper after the massive data breach that affected more than 147 million people in the United States. If you were affected by the data breach, youre owed some money and/or some help in securing your information. Consumers will get 10 years of free credit monitoring of your three credit reports at Experian, TransUnion and Equifax by an independent third-party service that will be determined by the court. If you spent a lot of time or money dealing with the data breach and ID theft, you could cash in even more... up to $20,000 more. If you want to be excluded from the settlement, you need to send a written request postmarked no later than Nov. 19.
CNN(CNN) - On Monday, Equifax settled with the US Federal Trade Commission over its 2017 data breach, which affected 147 million Americans. The Equifax Data Breach Settlement website has a look-up tool where you can find out whether your data was compromised. If you'd like to get 10 years of free credit monitoring -- or $125 if you already have ongoing credit monitoring -- you can make a claim. Per the settlement, you're eligible for seven years of "free identity restoration services," according to the FTC. Opting out of the settlement means you don't forfeit your rights against Equifax and can still file your own lawsuit against the company.
CNN(CNN) - If you're among the 147 million Americans whose credit data was compromised in the 2017 Equifax data breach, read on. For those who had to spend time and money as a result of the breach, Equifax can provide larger sums, up to $20,000. You can file a claim through Equifax's data breach settlement page. Equifax has a website where you can find out whether your personal information was exposed. According to the settlement, Equifax will have to pay between $300 million and $425 million to the people whose data was exposed and another $275 million in civil penalties to 48 states, Washington, Puerto Rico and the Consumer Finance Protection Bureau.
Equifax is paying a massive fine for the largest data breach in U.S. history. Distributed by LAKANA. This material may not be published, broadcast, rewritten or redistributed.
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CNNMoney(CNN) - Credit reporting agency Equifax has reached a deal to pay up to $700 million to state and federal regulators to settle probes stemming from a data breach that exposed the personal information of nearly 150 million people. The Federal Trade Commission announced Monday that Equifax will pay at least $300 million and as much as $425 million to compensate affected people with credit monitoring services. Equifax will also pay $275 million in civil penalties and other compensation to 48 states, Washington, Puerto Rico and the Consumer Financial Protection Bureau. "Companies that profit from personal information have an extra responsibility to protect and secure that data," said FTC Chairman Joe Simons in a statement. Equifax admitted it was aware of the security flaw a full two months before the company says hackers first accessed its data.
(CNN) - Credit reporting agency Equifax is nearing a deal to pay about $700 million to state and federal regulators to settle probes stemming from a data breach that exposed the personal information of nearly 150 million people, according to two published reports. Funds from the settlement will go toward compensating consumers for the cost of the 2017 data breach, the Wall Street Journal and The New York Times reported Friday, citing people close to the matter. Equifax first disclosed the hack in September 2017, three months after the company discovered the breach. Equifax admitted it was aware of the security flaw a full two months before the company says hackers first accessed its data. The data breach prompted the resignation of CEO Richard Smith and investigations by federal regulators, multiple states attorneys general and the company faces a number of civil lawsuits.