Sun. Dec 8th, 2019

If Equifax owes you $125, you’re going to need to answer this email first (EFX)

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If Equifax owes you $125, you’re going to need to answer this email first (EFX)

  • Equifax, the credit-monitoring agency, experienced a software breach in 2017 that left the personal information of nearly 147 million people exposed. 
  • Exposed data included names, dates of birth, social security numbers, genders, phone numbers, email addresses, passports, and drivers’ licenses.
  • After a class-action lawsuit, Equifax agreed to pay victims of the data breach $125 each if they filed a claim.
  • Over the weekend, Equifax sent an email to folks who filed a claim asking them to first verify that they were using an alternate credit monitoring service when they filed the claim, and then confirm that they wish to receive compensation ($125) instead of free credit monitoring services.
  • Claims must be amended by October 15 for compensation to be received, but be aware that your payment might be less than $125 because of the amount of people who requested a payout. 
  • Visit Business Insider’s homepage for more stories.

Equifax customers who filed a claim to receive $125 in compensation for the credit monitoring agency’s 2017 data breach now must verify or amend their claims before October 15 to receive their money. 

Equifax’s hack exposed the personal information of nearly 147 million people. Exposed data included names, dates of birth, social security numbers, genders, phone numbers, email addresses, passports, and drivers’ licenses.

After a class-action lawsuit, Equifax agreed to pay victims of the data breach $125 each if they filed a claim. Victims could be eligible for compensation up to $20,000 for time spent remedying fraud, out-of-pocket losses due to the data breach, or 25% of the cost of Equifax products paid for one year in advance of the data breach announcement.

Read more: Equifax is giving up to $125 to 147 million Americans — here’s how to claim your money

Over the weekend, Equifax sent an email to folks who filed a claim asking them to do two things:

1. Verify that they were using an alternate credit monitoring service when they filed the claim, and provide the name of that credit service. 

2. Confirm that they wish to receive “alternate compensation” ($125) instead of free credit monitoring from Equifax.

From the email, claimants are directed to Equifax’s official settlement website, where they can input their claim number, give the name of their alternate credit monitoring service, and finally, indicate whether they would like to receive cash, at least four years of free credit monitoring, or nothing:

Equifax September 2019 email

The same process can be completed through the mail. Claimants have until October 15, 2019 to verify or amend their claims. However, the email notes that the actual payout might be below $125 per claimant, due to the number of claims. 

Equifax did not respond to Business Insider’s request for more information on the compensation. 

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