In 2017, Equifax, one of the largest credit reporting companies in the U.S., suffered a major data breach that impacted 147 million people. Hackers gained access to sensitive personal information, including Social Security numbers, addresses, and even driver’s license details in some cases.
To make amends, Equifax agreed to a settlement of over $425 million to support those affected. The settlement, finalized in 2020, was coordinated with the CFPB, FTC, and all 50 U.S. states. While the window for compensation claims closed in January 2023, identity recovery services will continue through January 2029.
Equifax Data Breach Settlement 2024 Update
The Equifax class action settlement is one of the largest efforts to resolve a cybersecurity breach in U.S. history. In September 2017, Equifax revealed that hackers had stolen sensitive data, including Social Security numbers, names, and birth dates.
The settlement, reached after a 2019 class-action lawsuit, offers financial compensation and identity restoration services to those affected. As of now, it’s a significant step toward providing support and compensation to victims of this massive breach.
Equifax Data Breach Settlement Key Details
The Equifax data breach settlement amounts to over $425 million, with payments scheduled to be distributed on December 9, 2024. This settlement impacts 147 million affected consumers who were part of the breach. It falls under the category of government aid, and more detailed information can be found on the official website at equifaxbreachsettlement.com.
What Affected Consumers Can Expect
Those impacted by the breach had the opportunity to submit claims as part of the settlement. Benefits include cash payments and identity theft recovery support. If you filed a claim before the January 2023 deadline, you can expect to receive additional compensation in the form of electronic prepaid cards by the week of December 9, 2024.
Please note, the exact amount of compensation may vary depending on the number of claims and the specific terms of the settlement. Keep an eye out for emails from official addresses such as distribution@equifaxbreachsettlement.comor info@equifaxbreachsettlement.com to get updates on your payment.
Understanding Free Identity Theft Recovery Services
Even if you missed the deadline for filing claims, you can still access free identity theft recovery services until January 2029. These services offer crucial identity restoration support in case your personal data is misused in the future. Affected individuals can easily check their eligibility using an online lookup tool.
This long-term service is designed to help victims protect themselves against potential misuse of their information, providing peace of mind in case the breach continues to affect them in the years ahead.
How to Redeem Your Prepaid Card
If you’re eligible for compensation, you’ll receive an electronic prepaid card. To activate the card, visit www.myprepaidcenter.com/redeem and follow the instructions provided. If you need further assistance, customer support is available at 1-833-678-6289. While prepaid cards don’t expire, inactivity for six months may result in a fee.
Important Dates and What to Expect Next
Key dates for the Equifax Class Action Data Breach Settlement include:
The breach announcement in September 2017,
The final settlement approval in 2020,
The claim filing deadline in January 2023.
Although the deadline for claims has passed, the identity theft recovery services will continue to be available until January 2029. Plus, additional compensation payments are scheduled for December 2024.
If you receive an email about your compensation, make sure to verify the sender’s identity and avoid clicking on suspicious links. Always use official channels to get accurate information.
FAQs
What is the deadline to file a claim for the Equifax data breach settlement?
The deadline for submitting claims was January 2023.
How can I activate my prepaid card from the Equifax settlement?
Go to www.myprepaidcenter.com/redeem and follow the steps to redeem your prepaid card.
Can I still use identity theft recovery services if I missed the claim deadline?
Yes, these services are available until January 2029, even if you did not file a claim.
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