An Equifax hack settlement promises a $125 payout. The truth is more complicated.

[Eugene]

Source: Washington Post

An Equifax hack settlement promises a $125 payout. The truth is more complicated.

By Michael Brice-Saddler July 26 at 10:48 PM

The bad news: Nearly half of all Americans were affected by the 2017 Equifax data breach, in which hackers stole personal data for more than 147 million people: credit card numbers, Social Security numbers and other identifying information.

The good news: As part of a settlement agreement with the Federal Trade Commission, the people whose data was stolen can get some compensation: 10 years of free credit monitoring, or maybe $125, depending on how badly you were affected. The payout could be as much as $20,000 if you can prove your identity was stolen and you suffered because of it.

But there’s a lot of fine print, and there are deadlines. And if you think your identity has been stolen, there are some critical things you should know before you try to cash out.

First, if your information (most importantly, your social security number) was part of the hack, then you should assume it’s out there forever. Even if someone hasn’t stolen your identity yet, it could still happen.

Second, even if you file for reimbursement, there’s a good chance you won’t actually get the full $125 that Equifax and the FTC are talking about. Things are worded carefully in the agreement, but the bottom line is there’s a limited amount of money in the payout pool, and it won’t cover $125 checks for 147 million people.

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Read more: https://www.washingtonpost.com/business/2019/07/27/equifax-settlement-guide-how-get-money-what-you-need-know/

[KT2000]

1. I'll go for the monitoring

Keeping track of now four credit reporting companies is difficult and costly. I am messed up in it now because someone tried to open a "platinum credit card" in my name using all identifying numbers. It causes the credit score to be dinged too.
When you call to get a fraud alert on your reports, one gets to:
Listen to a single ad 7 times while waiting;
Try to understand people from other countries tell you what to do;
Be informed that they can't tell you how many times credit has been applied for on your report;
Write all four companies for information.

I want Elizabeth Warren!

[Clarity2]

2. Its really outrageous

that there is a deadline, and years later someones identity can be stolen. The hackers I’m sure are aware of that. I put a freeze on my credit. But I want a new SS# or social security admin should give every ss# another ID. But what can we expect from this administration...pfft.

[Historic NY]

3. In the end the lawyers will win.

[Croney]

4. What! I want my $125!

Actually, my husband's $125. We chose monitoring for me, and cash for him. I think I'm more at risk, based on recent theft on one of my accounts.

[More_Cowbell]

5. If more than 248k people take the money, you'll get less

I'm still trying to decide.