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Subsequently a data breach in 2017 exposed personal data of more than 147 meg consumers, including in some cases Social Security and driver's license numbers, credit bureau Equifax agreed to pay hundreds of millions in compensation to help affected consumers.

That compensation is starting to be paid out subsequently the resolution of all appeals, starting with emails to those who requested free credit monitoring.

Even if you didn't file a claim should keep an eye out for identity theft that might be related to the breach. The settlement provides an extended claims catamenia for that, which runs till 2024.

When will I get my benefits?

Those who requested the free credit monitoring should look for an email or postal mail by Feb. 25. They will receive a code to access four years of free identity theft protection from Experian IdentityWorks.

Those who asked for cash may have a longer wait. Claims are being reviewed and validated by settlement administrator JND Legal Administration. (A settlement ambassador is a neutral party that ensures a courtroom-approved settlement is followed precisely.)

The Equifax data breach settlement website will be updated with developments. If you however take your merits number, you can enter information technology on the website to check the status of your claim.

How will I become my benefits?

If you requested credit monitoring

You'll receive an email or postal mail with the activation code and instructions; emails come up from [electronic mail protected] Y'all will exist directed to a website to start your free credit monitoring.

Assume scammers will endeavor to exploit the situation. Bank check email addresses and website URLs carefully before entering personal information, such equally Social Security number, driver'due south license number, insurance numbers, etc.

If you asked for coin

If you lot requested compensation of up to $125 or reimbursement for fourth dimension spent recovering from fraud or ID theft, a bank check or debit card will be mailed to the accost you lot used when submitting your claim.

Be prepared for compensation that is much less than you requested. The settlement gear up bated $31 million for this type of claim. If the volume of valid claims exceeds that, each person's amount will be reduced proportionally. The number of claims filed suggests that benefits are likely to be significantly less than the maximum offered.

What other benefits can I access?

Anyone affected by the breach can admission identity restoration services from Experian if they feel identity theft in the seven years later on the breach. Go to the settlement website and click on "Discover out if your information was impacted" to meet if you're eligible.

Identity restoration services include help dealing with companies, government agencies and credit bureaus. You tin can apply the service even if you never brand a claim from this settlement. For instructions on how to get the complimentary identity restoration services, call the settlement administrator at 833-759-2982.

In add-on, all U.S. consumers — even those not affected by the alienation — can get 6 additional gratuitous credit reports from Equifax every twelvemonth for the next seven years. Regularly requesting your free credit reports from the credit bureaus  can assist you spot suspicious activity. In addition, yous can monitor your credit between those downloads by using a personal finance website, bank or credit carte du jour issuer.

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What if I have a loss later on on?

The settlement provides an extended claims period. Here are the details:

• Extended benefits are available if you were affected past the breach. You tin can cheque whether you are afflicted on the settlement website.

• Extended benefits cover out-of-pocket losses or time spent resolving fraud or identity theft related to the breach. However, there'due south no bounty provided for the fourth dimension and money spent protecting your credit.

• The extended claims period applies to losses that occur after Jan. 22, 2020. Claims must be made by Jan. 22, 2024.

• Claims will be paid on a first-come, first-served basis.

Tin I opt out of assuasive credit bureaus to have my data?

The short answer is no. If you utilize credit products such as car loans, credit cards or a mortgage, data about your accounts is likely to be shared with the credit bureaus by your creditors. The only thing you can opt out of is receiving prescreened offers .

What can I do to protect my credit?

The very all-time protection is freezing your credit . In response to the Equifax breach, freezing and thawing credit are now gratis in every country.

Freezing your credit blocks access to your credit reports. That effectively keeps new accounts from being opened in your name because potential lenders or credit card issuers cannot check your credit history. Freezing does not affect your credit score.

"If you are not actively seeking credit, freeze your credit," advises Ed Mierzwinski, consumer program director for the United States Public Interest Research Group, a consumer advocacy group.

Credit skilful John Ulzheimer advises a two-step process: Place a fraud alarm at all three bureaus, then freeze your credit at all three. "That's ii-layer protection, proactive and free," he says.

Mierzwinski suggests freezing your children's credit equally well: "Kids may non have a credit history, just they do have Socials" — and Social Security numbers are what identity thieves seek. Credit bureaus must at present create a credit file to freeze a modest'south credit if a parent requests it.

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Source: https://www.nerdwallet.com/article/finance/equifax-data-breach-consumer-guide

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