In 2017, Equifax, one of the largest credit reporting agencies in the United States, suffered a major data breach that affected 147 million individuals. Sensitive personal information, including Social Security numbers, birth dates, addresses, and, in some cases, driver’s license numbers, was exposed. As a result of this breach, Equifax reached a settlement in 2020 of up to $425 million to compensate affected individuals and provide identity recovery services.
While the deadline to file claims for compensation passed in January 2023, individuals impacted by the breach can still take advantage of free identity theft recovery services available until January 2029. This article provides key details about the settlement and how to verify the legitimacy of emails you may receive about additional compensation.
Equifax Data Breach Settlement Overview
The Equifax data breach settlement, managed by the FTC, CFPB, and 50 U.S. states and territories, was designed to provide financial relief and long-term protection for those affected. The settlement covers:
- Compensation: Individuals who filed claims could receive compensation for out-of-pocket losses or time spent resolving issues related to the breach. Payments were issued in 2023, with a second round planned for December 2024.
- Identity Theft Recovery Services: Even if you didn’t file a claim, you are still eligible for free identity theft recovery services until January 2029. These services include credit monitoring, alerts for unusual activity, and identity restoration assistance if misuse of your personal information is detected.
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Verifying the Legitimacy of Settlement Emails
If you receive an email stating you are eligible for additional compensation related to the Equifax settlement, it is likely legitimate. However, it’s important to verify the authenticity of the email to avoid falling victim to scams. Here’s how to confirm it:
- Sender’s Address: Legitimate emails regarding the Equifax settlement will come from one of these two official addresses:
Be wary of emails from unfamiliar senders, as they may be phishing attempts.
- Personalized Greeting: Genuine emails will address you by your full name. Scammers typically use generic greetings like “Dear Customer,” so this is a key indicator of authenticity.
- Prepaid Card Notification: The email will inform you that settlement payments will be issued via electronic prepaid cards, which are scheduled to arrive during the week of December 9, 2024. This matches the settlement agreement’s terms.
What to Expect in the Settlement
If you opted into the class action lawsuit, you may receive an electronic prepaid card as part of the compensation. The amount of the payment will depend on various factors, such as the number of claims filed and the specifics of your case. Payments will begin in December 2024.
Even if you did not file a claim, you can still access free identity theft recovery services until 2029. These services offer protection against identity theft, including credit monitoring and assistance with restoring your identity if fraudulent activity is detected.
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How to Redeem Your Prepaid Card
Once you receive your prepaid card, you’ll need to activate it by following these steps:
- Visit www.myprepaidcenter.com/redeem.
- For any questions or issues, contact customer support at 1-833-678-6289.
Additional Information about Prepaid Cards
- Inactivity Fees: While the prepaid cards do not expire, there may be inactivity fees if not used within six months. Be sure to use your card to avoid these charges.
Final Tips for Email Verification
To ensure the email is legitimate:
- Visit Official Websites: Instead of clicking on links in the email, go directly to the Equifax Data Breach Settlement website to check the status of your claim and get more information.
- Look for Red Flags: Always be cautious of unsolicited emails. If something seems off, don’t click any links or provide personal information until you verify the email’s authenticity.
Conclusion
The Equifax data breach settlement provided financial compensation to many affected individuals, and while the claims process has closed, there are still important protective measures in place. If you’ve received an email about the settlement, make sure to verify its authenticity to ensure it’s part of the legitimate settlement communication. The settlement includes up to $425 million in compensation and ongoing identity theft protection services, giving affected individuals the resources they need to recover from this breach and stay secure for years to come.
