Claiming your Equifax settlement

Your Money Matters

The Equifax data breach hit three years ago this month. Since then, people have been waiting for compensation from the attack to their personal information. We have an update on how to get your settlement from the breach.

After the data breach in 2017, Equifax began working on ways to come up with a settlement for consumers. Traditionally, businesses would offer a free service to keep your credit safe in the future.

“That’s what most organizations have done, which is offering you free credit monitoring. But what about when the credit monitoring company is the company that’s had the breach? That just, it’s a little bit of a unique animal then,” said Jessie Schmidt with the Better Business Bureau.

That’s why Equifax agreed to give those impacted the choice of either free credit monitoring, or $125.

“The reality is, there were so many people right away that went online and said I’ll take the $125 that it overwhelmed them. So there’s clearly not enough money at this point to make that settlement. So that’s why they’re saying, before we finish everything with the FTC we want to make sure you’ve got multiple options,” said Schmidt.

Now, Equifax is asking people to go a step further. They are sending emails to everyone who asked for cash to verify they already had credit monitoring in place, or change their request to free monitoring. You have to do this by October 15th.

If you don’t do anything, you don’t get anything.

The Better Business Bureau suggests taking the credit monitoring offering.  If you already have it just go to the Equifax website and give them the information they need. Just beware of scammers jumping in on this new opportunity.

“They can copy this exact same letter. But the link that they’re going to put on there won’t be a link to this site. It’s a link to something that may download malware to your account,” said Schmidt.

If you have questions about how to verify your request, or change it, there are resources through Equifax.

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