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Home / Business / You could not get $ 125 from Equifax, after all

You could not get $ 125 from Equifax, after all

If you're waiting for a $ 125 check or debit card from Equifax, you may be disappointed. Most people affected by the company's massive data breach in 2017 may receive a much smaller share of the change.

The agreement is the result of an infringement in 2017, in which the personal data of 147 million US consumers – including social security numbers, birth – were violated data and addresses – was exposed to hackers. Because the company did not protect this personal information, it was required to pay $ 700 million in a settlement with the Federal Trade Commission, the Consumer Financial Protection Bureau, and various Attorney Generals.

In the event of fines, approximately $ 425 million will be available to those affected by the data breach as compensation for the time spent on identity theft and up to $ 20,000 for the costs of the data breach.

All Affected In the event of violations, you have the option to have your balance monitored for 1

0 years at no cost or to receive a payment of $ 125 in the form of a check or debit card.

However, if you look at the details of the program, only $ 31 million of the $ 700 million settlement will go to consumers who decide to pay.

As stated in the FAQ section of the severance pay: "If more than $ 31 million is spent on the time spent In the initial application period … all payments for the time spent will be reduced and distributed proportionally. "

If you calculate, that means that only 248,000 people have money to spend $ 125, which is known as alternative reimbursement compensation.

At the same time, it can be difficult to prove that your data has been maltreated as a result of the Equifax breach, and that you receive up to $ 20,000 in expenses. CNBC reports that it can be difficult to associate identity theft with a specific data breach. These funds are separate from the $ 31 million earmarked for the Alternative Reimbursement Compensation Program and are treated differently. If this compensation exceeds the funds earmarked for this part of the program, Equifax will pay up to $ 125 million to settle claims.

Under the Settlement, You Can Continue Accessing Identity Recovery Services for the Next Seven Years This includes access to a support call center. Even if you are not satisfied with the payment received, it may be worth bookmarking the Equifax site – just in case. To get compensation, check here to see if you were affected by the breach. You can file an action on Equifax's website for data breach resolution by January 22, 2020.

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