Equifax Data Breach: Here’s How to Claim $125 in the Settlement

Earlier this week, Equifax reached a deal with the Federal Trade Commission, agreeing to payout at least $575 million and up to $700 million to the 147 million consumers affected by the company’s infamous 2017 data breach. This means if you were one of the consumers whose data was leaked to hackers, you can file a claim for $125 to cover the expense of credit monitoring. Applying for the cash is an easy process.

To find out if you qualify, just click here to go to the Equifax Data Breach Settlement site. Enter in your last name and the last six digits of your social security number and you will quickly be told you are eligible. If you are, you can file the claim on the site or download a form and mail the claim in.

Next, you are asked to fill in standard information, like your name, address and birth date. You can then pick a $125 check or pre-paid card, or a free three-bureau credit monitoring. To get the money, you need to already be using credit monitoring and continue using it for the next six months, reports The Verge.

You can also request up to $25 per hour up to 20 hours for time spent because of the breach. To get this extra money though, you will need to submit documentation to prove it. If you don’t have that, you can just click through to apply for the $125 claim.

Next, you will be asked if you were a victim of identity fraud as a result of the Equifax breach. If you were, you will need more documentation. This is another step you can skip if you were not a victim.

Lastly, you are given a claim number, which you should print or save as a PDF for your records.

You have until Jan. 22, 2020 to file for a claim or until Nov. 19 to file your own legal case against the company. One last hearing is scheduled for Dec. 19, when the settlement with the FTC will be approved, so you will not see the money until after that date.

It is also worth noting that the chances Americans will actually get $125 out of this scandal is slim. As The Verge points out, the settlement includes the fines and penalties Equifax has to pay, so only about $425 million will be available to be distributed to consumers. Only $31 million of that $425 million is set aside for the $125 payments, leaving the rest for free credit monitoring, reimbursements and for the consumers who can actually prove their identity was stolen because of the breach.

Developer Rufo Sanchez pointed out that the fine print on the claims site reads “up to $125,” meaning that is just the maximum you can receive. So if 1 million people file the claims, they will only receive $31 each. If all 147 million consumers apply, they will only receive a check or card worth 21 cents, or less than it will cost Equifax to mail the check to you.

In other words, you can still file a claim, but don’t expect the full $125 in the envelope when it arrives.

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