1 / 5Equifax FineCalifornia Attorney General Xavier Becerra discusses the settlement reached with Equifax over a 2017 data breach, during a news conference in Sacramento, Calif., Monday, July 22, 2019. Equifax will pay up to $700 million to settle with the Federal Trade Commission, as well as 48 states, including California, over the data breach that exposed social security numbers and other private information of nearly 150 million people.
You must have the monitoring in place when you apply. Note that it does not need to be credit monitoring that you pay for, according to Federal Trade Commission spokeswoman Juliana Gruenwald. The free monitoring you can get from some personal finance sites qualifies.Settlement terms say that alternative reimbursement claims will be paid from a $31 million"bucket.
Freezing and/or unfreezing your credit, comparing and/or purchasing identity theft protection services, up to 10 hours, and you must certify that you are being truthful. Those claims will be paid from the $380.5 million fund Equifax has set up to pay for monitoring services and to compensate consumers. If that payment is not enough to pay initial claims, there is an additional $125 million available. The money is split into various buckets for different kinds of claims, in much the same way that a budget might work with the envelope system.
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