Following a data breach exposing the social security numbers of millions, the credit bureau at fault will spend millions to pay back those affected.
Equifax, one of the three major credit reporting agencies, reached a $700 million settlement with the Federal Trade Commission after they exposed the information of around 147 million people. Some $425 million will go to directly help those affected by the breach.
Equifax is offering affected consumers a one-time $125 payment or up to 10 years of free credit monitoring and up to $1 million in identity theft insurance. First, consumers need to find out if their information was exposed.
- Click here to check with Equifax if they exposed your information. You will need to provide your last name and the last six numbers of your social security number.
- If you were affected, click here to file a claim with the FTC and either get a $125 settlement payment or free credit monitoring. You will again need to list some private information.
- Consumers can also upload supporting documents from time and money spent checking or recovering from identity theft. Equifax may provide a max of $20,000 in reimbursement for these expenses.
Alongside filing a claim in the Equifax settlement, consumers are also legally entitled to a free credit report once a year. To watch for suspicious activity, AnnualCreditReport.com offers a combined report from Equifax, Experian and Trans Union.