Equifax Is Paying Out $700 Million to Consumers Due to Breach

• Equifax agreed to pay up to $700 million to consumers who were impacted by their infamous data breach.
• There will be four different claim options.
• Most people should qualify for the credit monitoring claim option.

Equifax agreed to pay almost $700 million to consumers impacted by their infamous data breach back in 2017. Some settlements are projected to be as high as $20,000, depending on how much the breach impacted the consumer. 

The following are the four different types of claims: credit monitoring, time loss, monetary loss, and partial reimbursement.

Credit Monitoring

The most basic level is credit monitoring, which means you can get the chance to receive four years of credit monitoring from Equifax. If you already have credit monitoring, you can request a cash payment of $125 instead. 

Time Loss

With time loss, you can get up to $25/hr, up to 20hrs, for the time you had to spend sorting through the impact of the data breach on your credit. 

Monetary Loss

Monetary loss reimburses you for any money lost due to fraud that occurred because of the breach. This level allows you to claim up to $20,000 in losses. 

Partial Reimbursement

Partial reimbursement for Equifax credit monitoring allows you to claim a reimbursement of up to 25% if you were paying for Equifax credit monitoring or identity theft subscription between September 7, 2016 to September 7, 2017. 

Consumers can file a claim online or via mail. The deadline for all claims is January 22, 2020. 

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