by Just as no one ever asked to be born, no one asked to have a credit rating, and yet we all do. And now, unlike in your real life, thanks to Equifax, you may be entitled to monetary compensation just because you have a credit score.
Why you might ask? Payments made in the 2017 Equifax breach are finally being paid out and users on social media are asking if they’re real, if so are they getting a payment too? And why is the payment so low?
What was the Equifax data breach?
You see, back in 2017, Equifax, one of the Big Three data brokers alongside Experian and TransUnion, was hacked, exposing the private records of 147 million Americans and sparking a wave of identity theft incidents. Equifax and the other data brokers are in the information business, selling your private information to help banks and landlords make money. This is how credit bureaus determine your creditworthiness.
US sues 4 Chinese military hackers over huge Equifax heist
Equifax has denied any wrongdoing and agreed to a settlement with the Federal Trade Commission that created $300 million for a Victims Compensation Fund and awarded states and territories in the settlement $175 million plus an additional $100 million in fines .
If you have been the victim of this data breach, you are now entitled to a small Amount of money that can be collected between January 23, 2020 and January 22, 2024. According to the Equifax Breach Settlement website, if you applied before January 22, 2020, you were eligible for up to $125 or free credit monitoring.
Do I get a severance payment and how much do I get?
If you were one of the millions of Americans affected by the Equifax hack, you can file a claim here(Opens in a new tab). However, don’t expect much. Social media users who received their payout from the credit agency aren’t thrilled, with the average sum most receiving being $5.21. There are some who have received The enormously $22 total(Opens in a new tab)but most of us can expect roughly the equivalent of a one-month subscription to Peacock Premium.
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Equifax issued payments via virtual prepaid cards and sent emails to those who had not yet cashed their settlement checks.
