Equifax data breach: How to claim as much as $125 with the FTC settlement
File to get a share of the up to $700 million settlement.
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The data breach of Equifax resulted in hackers accessing personal information on the credit report servers of 147 million consumers, including driver's license information, social security numbers and birthdates.
The Federal Trade Commission and Equifax reached an agreement at the end of July for Equifax to pay at least $575 million and up to $700 million to compensate those whose personal data was exposed with the breach of the Equifax servers. As part of the settlement, you can file a claim to be compensated for the costs of recovering from the security breach -- including any costs associated with the theft of your identity and freezing and unfreezing your account-- and compensation of unauthorized charges to your banking accounts. The agreement caps payouts at $20,000 per person.
Watch this: Equifax breach: Find out if you can claim part of the $700 million
You can also submit a claim to cover the expense of protecting yourself from identity theft, following the Equifax data breach. You can file multiple claims, and if you're already signed up for credit monitoring, you can file a claim for $125 instead.
4. You can mail your claim or have a claim form mailed to you, if you rather not use the site.
5. To complete your claim, select which benefits you are eligible for and gather the documents you need to support your claim -- including bank and credit card statements showing unauthorized charges, costs of freezing and unfreezing your account and fees paid to professionals such as accountants and lawyers to help with the theft.
If you signed up for a credit-monitoring service as a result of the breach, you are eligible to request a cash payment of $125. Use the same form to file your claim. And requesting the $125 does not prohibit you from submitting a claim to be compensated for other expenses and financial loses.
The FTC cautions, however, that because of the enormous response to the settlement, the cash amount each person receives may be much less than $125 and recommends, instead, to choose the 10 years of free credit monitoring.