John, a technology and privacy expert with Consumer Reports. When thinking through your potential compensation, cast a wide net, says Allen St. "If you don't have good records, you may not be able to see the full benefit of what the settlement is providing," Lacey says. Documenting any time or money you spent because of this breach will be crucial to receiving compensation. If you plan to file a claim for time or monetary loss, you'll want to gather your documentation before you even start filling out the online claims form. This is probably what most consumers will file for, Gillis adds. "There should be no reason whatsoever not to file, especially the basic claim - the credit monitoring - or if you have credit monitoring, the claim for $125," says Jack Gillis, executive director of the Consumer Federation of America. At the very least, you should claim the free credit monitoring for up to 10 years. Submitting a claim can be "overwhelming," so take it slow, Lacey says. Partial reimbursement for Equifax credit monitoring: If you paid for Equifax credit monitoring or identity theft protection subscription from Septemto September 7, 2017, you can be reimbursed for up to 25% of your subscription payment. You'll need to attach supporting documents, such as receipts, to show how much money you spent. Monetary loss: Consumers will be able to claim up to $20,000 for any losses or fraud that were the results of the breach or any out-of-pocket expenses they may have incurred, such as paying to freeze and unfreeze their credit reports. If you claim over 10 hours, you need to submit supporting documents "showing fraud, identity theft, or other misuse of your personal information." The claims form notes that if you claim 10 hours or less of compensation, you'll need to write out the actions you took and an estimate of the time you spent on each task. Time loss: Consumers can submit claims for any time they had to spend dealing with data breach - $25 per hour, up to 20 hours, according to the FTC. If you already have credit monitoring in place, you can request a $125 cash payment. There are four types of relief you can claim from Equifax under the terms of the settlement:Ĭredit monitoring: Affected consumers will have the opportunity to receive at least four years of credit-monitoring services through Experian and up to an additional six years of monitoring with Equifax.
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