Do you remember the Equifax data breach of 2017? Hackers managed to tap into Equifax’s databases and access millions of names, social security numbers, dates of birth as well as credit card numbers. That as you know can lead to identity theft and months if not years of headaches as you attempt to clear your name and clean up the mess. The debt and impact by tarnished credit could be devastating. Chances are you or someone you know was affected by the Equifax data breach.
Equifax now expects to shell out $700 million dollars to settle lawsuits from identity theft and monetary damages. Depending on your eligibility you can claim free credit monitoring for 4 years. If you already have a credit monitoring service in place, you can claim $125 cash in a check or prepaid card. This $125 is based on only so many people filing a claim. Only $31 million dollars has been set aside for cash payouts. Equifax has stated the amount of claims coming in has been “overwhelming” and in fact, checks will be much lower – perhaps less than $10 per person. It’s totally your judgement call on whether to take the cash or opt for the credit monitoring which has a hefty monetary value as well.