$425 Million to be Distributed to Millions of Americans After Data Breach
Disbursements from the fund began on December 19, according to Equifax’s website. This fund will pay for credit monitoring services from the three bureaus, out-of-pocket costs related to breaches, and other consumer services such as identity recovery services.
Subjects had the choice of signing up to a $125 contract or signing up for free credit checks at all three major credit bureaus. Equifax, Experian, and TransUnion. Payments are sent by check, PayPal, and prepaid cards sent by email.
According to a published post by The US Sun, the original deadline for filing claims was January 2020, but consumers may claim costs incurred after that date until January 22, 2024. Consumers can be reimbursed for up to 20 hours at $25 per hour based on the amount of time spent fixing credits after a breach.
Millions of Americans Receiving One-Time Payment up to $125 From $425 Million Pot
However, the site states that payments may be less depending on the amount and number of claims filed. If you answered within 10 hours, be prepared to explain when and what you did. If you claim more than 10 hours in total, you must explain your actions and provide evidence of fraud, identity theft, or other misuse of your identity.
A credit bureau ran into trouble earlier this year after providing consumers with false credit scores. This has affected millions of Americans applying for mortgages, credit cards and auto loans, reports The Wall Street Journal.
For these groups, the credit ratings dropped by 20 points or more when they were released by Equifax between March 17 and April 6. $125 For Millions of Americans After Equifax Data Breach