CREDIT reporting agency Equifax has begun alerting people of more money available to be claimed after it agreed to pay a whopping $380 million to settle a data breach.
The data breach was first announced in 2017 affecting a staggering 147 million consumers.
Equifax agreed to pay $380 million after highly sensitive data was compromised[/caption]
The Equifax data breach was one of the largest ever affecting 147 million people[/caption]
It was one of the largest breaches ever, affecting highly sensitive information including Social Security numbers, birth dates, addresses, drivers licenses and credit card numbers.
Equifax agreed to pay $380 million to those affected, and then another $125 million to cover out of pocket expenses.
This month, the settlement administrator started notifying those impacted that they might receive more money after the first round was depleted.
Anyone impacted is advised to follow these instructions to see whether they are eligible for more money.
Firstly, people are being urged to check their email with the subject line: “Equifax Data Breach Settlement Additional Pro Rata Payment”.
Be careful to check it is from a legitimate Federal Trade Commission sender and not a scam.
People who were impacted by fraud or had their credit frozen may be eligible for significant funds.
However, some people who received a virtual gift card this week have complained that the amount paid was less than $40 according to Fox News.
Some appeared to have received as little as $2.39.
Consumers are advised to check the settlement website to see if their information was impacted.
Settlement benefits for out of pocket losses first began to be issued in mid-December 2022, according to Equifax.
WHAT HAPPENED?
The breach was the largest data breach of personal and financial information in American history, affecting almost half of the country’s population.
Equifax has not admitted any wrongdoing, but the company will pay out at least $380.5 million.
The payout entitles everyone affected to a $125 cash payment, or free credit monitoring services.
But for those who encountered expenses as a result of the data breach, Equifax said it would compensate up to $20,000 in reimbursement and provide at least seven years of free identity restoration services.
MORE SETTLEMENTS
The U.S. Sun frequently covers settlement payouts, helping customers navigate how to claim free cash following class-action lawsuits.
Verizon customers could be eligible for up to $100 each.
It follows a suit that claims the company changed its customer agreement to more subtly disclose an administrative fee, even though it still charged the fee.
Meanwhile, Capital One recently sent out payments to millions of customers affected by a 2019 cyber attack.
Some customers on social media claimed their payouts were as high as $700.
SIGNS YOUR CREDIT HAS BEEN COMPROMISED
Here are signs your credit has been compromised:
Recognizing the early signs of identity theft is essential.
Michael Bruemmer, vice president of Experian Global Data Breach Resolution and Consumer Protection, outlined several warning signs, including:
- Unrecognized charges to your credit card or bank account
- Unexpected credit checks on your report
- Receiving unfamiliar bills
- A sudden drop in your credit score
“All of these could be red flags that someone is using your identity,” he warned, adding that early detection can help minimize the damage.
