by Just like no one ever asked to be born, no one asked to have a credit score, and yet we all do. And now, unlike your own life, you could be entitled to financial compensation for having a bad credit score, thanks to Equifax.
Why you may ask? Payments in the 2017 Equifax data breach are finally being paid out and users across social media are asking if they are real, if so, are they getting paid too? And why is the payment so small?
What was the Equifax data breach?
See, back in 2017, Equifax, one of the three major data brokers along with Experian and TransUnion, was hacked, exposing the private records of 147 million Americans, and triggering a wave of identity theft incidents. Equifax and the other data brokers are in the business of information and sell your private information to help banks and landlords make money. That’s how credit agencies come up with your credit score.
US indicts 4 Chinese military hackers for massive Equifax breach
Equifax denied any wrongdoing, and agreed to a settlement with the Federal Trade Commission, creating a $300 million victim compensation fund, and awarding $175 million to the states and territories in the agreement, and an additional $100 million in fines.
If you were the victim of that data breach, you are now entitled to a little amount of money that can be collected between January 23, 2020, and January 22, 2024. According to the Equifax Breach Settlement website, if you filed before January 22, 2020, you were entitled to up to $125 or free credit score monitoring.
Will I get a settlement and how much will 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 are not very happy, with the average amount most receiving is $5.21. Some have received the enormous $22 total(Opens in a new tab)but most of us can expect a monthly subscription equal to Peacock Premium.
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Equifax issued the payments via virtual prepaid cards and is sending emails to those whose settlement checks have not yet cleared.
