Two years ago Equifax data was breached and your information was probably stolen. They’ve reached a settlement that will net hundreds of millions for government agencies and potentially a little bit for you — either 10 years of credit monitoring or up to $125.
You can check if you’re eligible for money (because your data was included in the breach) and if you are file a claim by January 22.
In addition to choosing cash or credit monitoring you can claim actual damages (up to $20,000) that resulted from:
- unauthorized charges to accounts
- costs from freezing or unfreezing your credit or for credit monitoring you paid for
- expenses you incurred dealing with the mess, including lawyers and accountants, shipping documents, etc.
In addition you can seek money for the time you’ve spent dealing with this. Now, if everyone who was affected by the Equifax breach filed a claim there’s just an average of $3 per person. So we’ll see how much each person actually gets (not everyone will file a claim).
I filed a claim, opted for the $125, and noted that I spent about 8 hours researching, taking notes, and thinking about the breach to determine the extent to which it would affect me and also how it would change the way we should be managing and dealing with credit.
Fairmont Royal York Toronto
Meanwhile if you stayed at a Fairmont hotel between November 2015 and November 2017 they printed too much of your credit card information on bills. They don’t need proof of your stay but do have records of who stayed, and filing a claim by September 10 should net $15 – $20 out of a $2 million settlement pool. Worth signing up if you’ve been a Fairmont guest during this time.
Well I’ve seen this settlement website plastered everywhere today so let’s hope we get a very low filing rate and the $125 stays $125 :-\
What happens when you take the $125 and in 3-4 years you have a hit because of your stolen credit. You cannot go back to Equifax/Settlement and then try to get more money.
So isn’t it best to not go for the $125 or monitoring and wait it out to see if anything hits you in ~10 years then go back to Equifax to try and do something? I guess they have deeper pockets but just seems like taking this offer means your “issues” are now off their books and we have a big exposure for 10 years.
For those (like me) who saw the “I certify that I already have credit monitoring” language on the claim form and wondered, “*do* I already have credit monitoring through something else?”
Credit Karma does this free* (no fee, but obv you have to give them your info. TANSTAAFL) and has easy-to-find links to lock or freeze your credit with all 3 major bureaus.
Not a paid endorser, just forgot that I already had it and that it included this stuff.
The best settlement ever was Debeers antitrust which resulted in receipt of a 3-figure check – the highest amount I’ve ever seen as a class member. The second best was the BA settlement for fraudulent “fuel surcharges” which added 12k avios to my account. One of the worst was the Hertz settlement which provided worthless vouchers. Just received $13 from Fowler v. Wells Fargo (don’t even recall that one).
The bottom line is that it pays to spend a few minutes to file your claim.
@Gary, I think it is important that everyone file a claim, if only for credit monitoring. Read this fine print:
“If you make a claim under the settlement, or if you do nothing, you will be releasing all of your legal claims relating to the Data Breach against Equifax when the settlement becomes final. By releasing your legal claims, you are giving up the right to file, or to continue to pursue, separate legal claims against or seek further compensation from Equifax for any harm related to the Data Breach—whether or not you are currently aware of those claims.”
The X million of individuals who fail to file will have no record in the event of identity theft!
@Gary, I think it is important for EVERYONE to file. Read the fine print:
“If you…. do nothing, you will be releasing all of your legal claims relating to the Data Breach against Equifax when the settlement becomes final. By releasing your legal claims, you are giving up the right to file, or to continue to pursue, separate legal claims against or seek further compensation from Equifax for any harm related to the Data Breach—whether or not you are currently aware of those claims.”
Oh-so-thank-you, Gary! I got my email from Fairmont a week or 2 ago, but had never heard of the Equifax $125. Also, I know a couple who lost $thousands to ID theft a few years ago, but IDK whether the Equifax breach had anything to do with it.
It isn’t 10 years. It is 4 years from all 3 credit bureaus or 6 years from Equifax.
Sorry, it is 10 years. 4 years all three bureaus. After that is done, Equifax only monitoring for another 6 years. Even though I froze and unfroze my credit reports numerous times, my expense never approached $125. So the monitoring may be a wiser choice.
Looking forward to receiving a check for 59 cents!
When do we get to file a claim against Facebook? (Or does the government get to keep the $5 Billion fine?)
Thank you Gary! I had no idea I was eligible- appreciate the information and the link.
@EricZ – You can opt out of the settlement and pursue actions against Equifax on your own.
Thank you Gary. I’d heard about this, but hadn’t seen any direct links until I read this. Please keep up the great work with your valuable, interesting, and engaging content! I really appreciate it, and look forward to your daily briefings!
Thanks for the direct link, Gary !
How do you file a Fairmont claim without the “Claim Filing ID” that was either mailed or emailed? I qualify for a claim, having stayed at the Fairmont Royal Pavilion in Spring 2017. But I do not recall receiving a Claim Filing ID.
@Huff Daland / I also stayed at Fairmonts in 2016, 2017 & received nothing in the mail or Email. I’m calling 833-253-8063 per the link today.