In 2017, Equifax experienced one of the most significant data breaches in history, affecting 147 million people. Sensitive personal data, including Social Security numbers, addresses, and in some cases, driver’s license numbers, were compromised. To address the aftermath of the breach, Equifax reached a settlement of up to $425 million. This fund is set aside for compensation and identity recovery services for those impacted.
The settlement was finalized in 2020, involving the Federal Trade Commission (FTC), the Consumer Financial Protection Bureau (CFPB), and 50 U.S. states and territories. While the deadline to file compensation claims was in January 2023, free identity recovery services remain available until January 2029.
Equifax Data Breach Settlement: What’s Coming Next?
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Many individuals have come across claims about a new $1000 stimulus check in 2024. If you’ve received an email claiming you’re eligible for additional compensation from the Equifax settlement, it’s important to verify its legitimacy. Although the message could very well be genuine, scammers are known to impersonate official communications. This guide walks you through the steps to verify the authenticity of the email and what actions to take.
Table of Contents:
- Equifax Data Breach Settlement Overview
- Verifying the Legitimacy of the Email
- Settlement Process Timeline
- What to Expect from the Settlement
- How to Activate Your Pre-Paid Card
- Steps to Verify the Email
Equifax Data Breach Settlement Overview
In September 2017, Equifax revealed a data breach that compromised personal information such as names, Social Security numbers, birth dates, and addresses of 147 million people. The breach led to a class action lawsuit, which was settled in 2020 with a global agreement involving the FTC, CFPB, and 50 states and territories. As part of the settlement, up to $425 million was allocated for compensation and identity theft assistance.
Verifying the Legitimacy of the Email
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If you’ve received an email claiming you’re eligible for extra payments due to the Equifax settlement, here’s how to ensure it’s legitimate:
- Personalized Greeting: Legitimate emails will use your full name, unlike scammers who often use generic greetings like “Dear Customer.”
- Sender Information: Emails regarding the Equifax settlement will come from either of these addresses:
- distribution@equifaxbreachsettlement.com
- info@equifaxbreachsettlement.com
- Be cautious if the email comes from an unfamiliar address.
- Prepaid Card Information: The email will typically mention that you will receive your settlement payment via an electronic prepaid card during the week of December 9, 2024, which aligns with the official settlement details.
Settlement Process Timeline
Here’s a breakdown of key dates related to the Equifax data breach settlement:
| Date | Event |
|---|---|
| September 2017 | Equifax announces the data breach affecting 147 million people. |
| 2019 | A class action lawsuit is filed, leading to a settlement agreement. |
| 2020 | The settlement is finalized, providing compensation and identity recovery assistance. |
| January 2023 | Deadline to file compensation claims passes. |
| December 9, 2024 | Expected distribution date for additional settlement payments via prepaid cards. |
What to Expect from the Settlement
If you opted into the Equifax class action lawsuit, you may be eligible for compensation. The settlement provides two primary benefits:
- Payment: You can expect to receive an electronic prepaid card, typically arriving during the week of December 9, 2024. The exact amount of your settlement payment will vary, depending on the number of claims filed and other factors outlined in the agreement.
- Identity Theft Recovery Assistance: Even if you missed the compensation claim deadline, you can still access free identity theft recovery services until January 2029. These services are available to all individuals affected by the breach, and you can check your eligibility via an online lookup tool.
How to Activate Your Pre-Paid Card
Once you receive your prepaid card, you can activate it by following these steps:
- Redeem Your Card: Go to the card servicer’s website to redeem your card: www.myprepaidcenter.com/redeem.
- Customer Support: If you have questions or need help, you can reach customer support at 1-833-678-6289.
- Inactivity Fees: While the prepaid cards do not expire, be aware that inactivity fees may apply after six months of no use. To avoid these fees, be sure to use the card within this time frame.
How to Verify the Email
It’s always a good idea to double-check the legitimacy of any email claiming to be from the Equifax data breach settlement. Here’s how you can verify:
- Check the Sender’s Address: Confirm that the email is from one of the approved addresses: distribution@equifaxbreachsettlement.com or info@equifaxbreachsettlement.com.
- Look for Personalized Greetings: Legitimate emails will always address you by your full name, not a generic greeting.
- Visit Official Websites: Rather than clicking links in the email, go directly to the official Equifax Data Breach Settlement website to check your claim status and other relevant information.
If you’ve received an email about the Equifax data breach settlement, it is likely legitimate as long as it comes from one of the confirmed email addresses and includes your full name. The email is part of the process to compensate those affected by the breach, which led to a $425 million settlement. And remember, even if you missed the claim filing deadline, you can still access free identity theft recovery services until 2029.
For extra security, always verify any communication related to your personal information through trusted channels, rather than clicking on links in unsolicited emails.