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Equifax Breach: Here’s how to claim your share of $700M settlement

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Equifax breach: Here's how to claim your share of $700M settlement

In September 2017, Equifax violated the norms as it exposed data of over 147 million people. The data even included social security numbers. To compensate, it was declared earlier this week that the credit monitoring firm would be fined $700 million. Out of this, $425 is reserved for the affected people.

Are you eligible for the claim?

The question that arises first in mind is whether you are eligible for the claim or not? To find this out, you can use this tool. Here you’ll be asked to enter your last name and last six digits of your social security number. On proceeding further, you will get to know whether you can claim your share or not.

How to file for the Equifax breach claim?

After you find out that you are eligible for the claim, you can file a complaint online by visiting this website. The process for submitting the request has already begun on the site. And according to FTC, all payouts will be done earliest by January 23, 2020.

Types of claims

Equifax breach: Here's how to claim your share of $700M settlement

As stated by FTC, there are two types of claims-

  • Equifax is providing ten years of free crediting or $125.
  • Or the other option is that you can apply for the cash payment of $20,000 per person. This includes the severe impacts suffered from the breach such as loss of credits from your account, or fees paid to the accountants or attorneys, etc.
  • The users could also get paid for the number of hours they suffered due to breach. This claim is offered at $25 per hour for up to 20 hours.

Future of Equifax

The breach happened due to the poor cybersecurity of the firm. And, the offense could be prevented if Equifax would have fixed their web server. The firm was downgraded due to cybersecurity issues.

And after the things didn’t work out for the firm, they decided to provide a claim after two years. Therefore, Equifax is so damaged as a cybersecurity firm, and they could not find ways to protect their data timely.

Thus, after providing claims, the next think Equifax will do to move forward. It might gain some trust of users as it is proving the claims. And, it will be keen to see how they make a comeback.

For more updates, keep following The Geek Herald!

 

 

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