When will Equifax Settlement checks be mailed? With this article, you can learn the answer. Has anyone received money from Equifax Settlement? The FTC has given an update on the Equifax Data Breach Settlement. The settlement administrator starts reviewing recent claims for lost time and financial losses.
What is the total Equifax Data breach settlement amount? The Federal Trade Commission, the Consumer Financial Protection Bureau, and all 50 states and U.S. territories have reached a global settlement with Equifax. Up to $425 million from the settlement would compensate anyone affected by the data leak. Let’s warn you at the beginning since so many people submitted claims. You will probably get far less money than the $125 cap on individual cash payments. If you wonder about the payout date, timeline, and more, we have already detailed the Equifax Data Breach Settlement.
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When will Equifax Settlement checks be mailed?
People who submitted claims were informed through email at the beginning of October if they were qualified for a settlement payment. Initially, a check would have been delivered to the claimants who opted for the $125 settlement amount over the free credit monitoring Equifax offered. The company in charge of the settlement’s proceedings, JND Legal Administration, claimed in the email that it could now send the payments via Paypal or prepaid card. By January 22, 2024, claims must be submitted. Payout will begin following this date.
The Settlement Administrator will issue checks or pre-paid cards to the mailing address you specify for legitimate claims for out-of-pocket losses, time spent, and alternative reimbursement compensation.
According to JND’s email, the time to choose to receive settlement payments electronically passed on October 14. The website for choosing an electronic payment method is still live, though. To access the link, users must enter their claim number, which can be found at the top of JND’s email. Any claimant who didn’t reply to the email will still receive their compensation as a tangible cheque in the mail, JND Administration noted in the email.
It’s probable that JND would send settlement cheques to claimants at an outdated address, given the three-year gap between when victims of data breaches submitted their claims and the impending payouts of the settlement. If you continue to get checks via physical mail and have just relocated, you can ensure that you still get them by setting up mail forwarding from your previous address with the USPS. This service is provided by the post office through an internet portal, although there is a $1.10 charge for identity verification.
Equifax Data Breach Settlement explained
On September 7, 2017, the credit reporting agency Equifax revealed that one of its computer networks had experienced a data leak that had exposed the personal data of 143 million customers, which later increased to 147 million. These records contained data on the names, addresses, birthdates, Social Security numbers, and credit card numbers of the consumers, all of which may be used for fraud and identity theft.
In accordance with the terms of the agreement, Equifax agreed to set up a fund to offer clients free credit monitoring, identity theft protection, and cash compensation who were injured by the event. The business also has to cover court costs and fines from the government.
Customers may choose to receive up to a $125 refund or receive free credit monitoring. You are eligible for free credit monitoring services under the settlement’s terms. Up to an additional six years of free single-bureau credit monitoring will be offered by Equifax. You will receive at least four years of credit monitoring from Experian at each of the three main bureaus. Also included is $1,000,000 in insurance against identity theft. You are entitled to 18 years of free credit monitoring if you were minor in May 2017.
For more information, see the FTC notice or go to the official Equifax Data Breach Settlement website.
