How consumers can benefit from Equifax settlement

Posted at 5:43 PM, Jul 23, 2019
and last updated 2019-07-23 18:43:17-04

As part of the proposed settlement with the Federal Trade Commission and the Consumer Financial Protection Bureau, there are a lot of good things that could be coming to all consumers.

In addition to being able to receive up to seven free credit reports per year, versus one from Equifax, and up to 10 years of free credit monitoring service, consumers may be able to claim up to $20,000 for time and expenses that they may have incurred as a result of falling victim to this data breach.

But, consumers may have to show proof for some of the expenses and time spent in dealing with this situation. A few examples include money you spent on credit monitoring services, the monetary losses for dealing with a breach such as the cost of getting copies made, postage, and mileage for trips that you made to pick up or deliver documents that were needed to resolve your issue.

And, you may be able to claim as much as $25 per hour on the time that you spent in trying to get things resolved.

Consumers cannot file a claim just yet. It is going to take a few more months to finalize the settlement. The best way to get information is to click here.

While waiting for this settlement to be finalized, it is a good idea to gather documents, receipts and proof of the time and effort that you spent in trying to avoid or recover from identity theft related to this breach.

Keep monitoring your credit report and do what you can to keep your information secure, including checking things out with a legitimate source. You can always contact our Call 4 Action office for help with this or other consumer related problems.