Equifax breach settlement status12/26/2023 ![]() He found that, since 15 million people filed claims (including 3.3 million claims for credit monitoring) but "only 2,770" people asked to be excluded from the settlement and 388 directly objected, "in the wake of incomplete or misleading media coverage" or as "serial objectors," the settlement could be considered reasonable and adequate. A judge in March dismissed all the initial objections ( PDF to the settlement from a would-be class-action suit. That could be due to class-action suits gumming up the works, The Register theorizes. But there's been no contact from the settlement administrators since. ![]() Everyone else had until January 22 of this year to file for the credit monitoring. Individuals who did ask for the cash had an October 15 deadline to certify they already had credit-monitoring services in place. The company announced that hackers had exploited a website application vulnerability. After "unexpected" media attention drew an "overwhelming" number of claimants, the FTC dropped the option for choosing cash instead of credit monitoring altogether. OctoShutterstock In September 2017, credit agency Equifax admitted a data breach had exposed the personal data of 143 million customers (later increasing to 147 million). If you are unsure of your status, the settlement administrator has a tool to check your status as a class member on the Equifax Data Breach Settlement website. That bucket, however, was capped at $31 million in claims-enough to pay out a little under a quarter-million people, or 0.2 percent of those affected. ![]() The original promise was that any affected person could receive either free credit monitoring or $125 in lieu of that if they had another active credit-monitoring solution. So maybe this can brew an entirely new class action on the millions of accounts they are funding from the original breach.Granted, most individuals will see very little money from the settlement, if any. PS: I thought it was illegal to put a time limit and have post sales fees on prepaid or gift cards depending on your state. Maybe they need to update the TOS to be more clear or face a new class action. Now I don’t think they would come after anyone for $5.95 to $35.70 (six months of fees), but you ever know. So it could mean you lose your money and actually owe money (unlikely, but fun to think about). No word on the amount actually being received by those seeking a 125 payment. It is not clear if the prepaid card company means you will be on the hook for the $5.95 until your card is at zero balance, or if you are charged forever even if you have a zero balance (and actually owe them money). You could read it that way if you take the sentence as a whole – meaning you will be charged $5.95 each month for 6 monthsĪfter reading the nine page agreement, I did not see anything about zero balances or when this fee applies or stops. consumers who filed claims in the Equifax Data Breach Settlement and qualified for benefits began receiving settlement payments on Decemfrom a court-appointed settlement administrator. Worst case, somehow you end up owing money! More likely case, is you forget out about the $5.21 and end up with a zero balance after six months. So best case, you get a settlement of $5.21 and have to use it quickly. In the wake of Equifax's 2017 data breach, which compromised the personal information of roughly 147 million consumers including names, birthdates and Social Security numbers the company. Under the Settlement, Equifax will pay, on a claims-made basis, up to 5.5 million into an escrow account out of which the Settlement Administrator will make. You will be charged $5.95 for six months in any month you don’t complete a transaction. Once you use the card, you have six months to use the card again, or you will be charged $5.95 per month.ģ. consumers who filed claims in the Equifax Data Breach Settlement and qualified for benefits began receiving settlement payments on Decemfrom a court-appointed settlement administrator. You have to use the card within six months, or you will be charged $5.95 per month. Now, there are a few ways to read that clause due to the severe lack of punctuation:ġ. You will be charged $5.95 each month after you have not completed a transaction using your card for 6 months ![]() In the terms of accepting the prepaid card, you agree to this cool fee: Now granted, it is a bit long at 9 pages, but has some fun facts like. ![]() I am not sure if anyone is reading the pre-paid TOS agreement. Seems like a fair price for giving out your full name, address, email, social security, and drivers license. It seems like most are getting $5.21 via PayPal, Check, or Pre-paid card. The company has agreed to give out funds for the data breach. ![]()
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