Heads-up – this is an important news announcement. There were many 147 million of us (me included) impacted by the Equifax Data Breach.
On July 22, 2019 the FTC reports Equifax Inc. agreed to pay at least $575 million, and potentially up to $700 million, as part of a global settlement with the Federal Trade Commission, the Consumer Financial Protection Bureau (CFPB), and 50 U.S. states and territories, which alleged that the credit reporting company’s failure to take reasonable steps to secure its network led to a data breach in 2017.
As part of the proposed settlement, Equifax will pay $300 million to a fund that will provide affected consumers with credit monitoring services. The fund will also compensate consumers who bought credit or identity monitoring services from Equifax and paid other out-of-pocket expenses as a result of the 2017 data breach. Equifax will add up to $125 million to the fund if the initial payment is not enough to compensate consumers for their losses.
In addition, beginning in January 2020, Equifax will provide all U.S. consumers with six free credit reports each year for seven years—in addition to the one free annual credit report that Equifax and the two other nationwide credit reporting agencies currently provide. The company also has agreed to pay $175 million to 48 states, the District of Columbia and Puerto Rico, as well as $100 million to the CFPB in civil penalties.
To check if you’re eligible, go to the FTC website: https://www.ftc.gov/enforcement/cases-proceedings/refunds/equifax-data-breach-settlement
A recap of the FTC FAQ information is:
When will the claims process start?
The claims process has started. File a claim by January 22, 2020
What is the deadline to file a claim?
You must file a claim by January 22, 2020.
When will I get my benefits?
The settlement administrator will not send out any benefits until they are allowed to do so by the court, which will be January 23, 2020, at the earliest. We will update this page, and send email updates, when we have more information.
How will I get my benefits?
For free credit monitoring, after final approval from the court, you will get an activation code with instructions. You can choose to receive this code by email or postal mail when you file your claim.
For cash payments, you can choose to get a check or debit card when you file your claim. It will be sent to your mailing address after final approval from the court.
I’m not sure I was affected by the data breach. How can I find out?
Use this look-up tool to see if you were affected by the breach.
What else can I do?
- Sign up to get email updates about this settlement.
- Bookmark and check this page for updates.
- Visit www.EquifaxBreachSettlement.com or call 1-833-759-2982 for more information.
Your data could be compromised even if you have not experienced it as yet. Take two minutes and check the status of your information.
Now is always a good time to pursue some proactive steps to care for your business and your people. When you’re ready to consult and establish action plans, let’s talk. We’ll tackle those “life and work issues” with diligence and some fun along the way. Awareness of what’s at stake and what’s to gain is a powerful tool.
Reach out with questions via Email. Additional information is available upon request or on the website @ The Living Planner
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