Equifax Data Breach Settlement Payment Expected Next Month

In 2017, Equifax faced a significant data breach that affected 147 million individuals, compromising sensitive information like Social Security numbers and addresses. To address this breach, Equifax agreed to a settlement totaling up to $425 million to provide compensation and identity recovery services to those impacted.
Finalized in 2020, the settlement was a collaboration between the FTC, CFPB, and 50 U.S. states and territories. While the deadline to file a compensation claim was January 2023, free identity recovery services remain available until January 2029.

If you’ve received an email regarding additional compensation, it’s likely legitimate. However, it’s crucial to verify the sender’s details to ensure it’s not a scam. This guide outlines the necessary steps to confirm the email’s authenticity and understand your next steps.

Equifax Data Breach Settlement Approved

Back in September 2017, Equifax, one of the nation’s largest credit reporting agencies, revealed a massive data breach affecting 147 million individuals. This breach exposed sensitive data such as names, Social Security numbers, birth dates, addresses, and, in some cases, driver’s license numbers.
To address this, Equifax reached a settlement agreement with the FTC, CFPB, and various states and territories in the U.S., amounting to $425 million in compensation and assistance for those affected.

The Legitimacy of the Email

If you’ve received an email claiming you are eligible for an additional payment due to the Equifax settlement, here’s why you can trust it:

Personalized Greeting: Legitimate emails will address you by your full name, not a generic greeting like “Dear Customer.”
Sender Information: The email should come from distribution@equifaxbreachsettlement.com or info@equifaxbreachsettlement.com. Be wary of emails from other addresses.
Prepaid Card: The email will mention that the settlement payment will arrive as an electronic prepaid card around December 9, consistent with the settlement terms.

Timeline of the Settlement Process

Here’s a brief timeline of the major events associated with the Equifax data breach settlement:

– September 2017: Equifax discloses the data breach affecting 147 million people.
– 2019: A class action lawsuit leads to a settlement agreement.
– 2020: The settlement is finalized, including provisions for compensation and identity theft assistance.
– January 2023: Deadline for filing compensation claims passes.
– December 9, 2024: Expected distribution date for additional settlement payments via electronic prepaid cards.

What Can You Expect in the Settlement?

If you opted into the class action lawsuit, you could be eligible for compensation, which includes two main benefits:

1. Payment: You’ll likely receive an electronic prepaid card around December 9, 2024. The amount varies based on factors like the number of claims filed.
2. Identity Theft Recovery Assistance: Even without filing a claim, you can access free identity theft recovery services until January 2029. These are available to those impacted by the breach.

Activate Prepaid Card

Upon receiving your prepaid card, you’ll need to follow these steps to activate it:

– Redeem Your Card: Visit www.myprepaidcenter.com/redeem to redeem your prepaid card.
– Customer Support: If you encounter any issues, contact the card servicer at 1-833-678-6289.
– Inactivity Fees: While the cards don’t expire, be mindful of potential inactivity fees after six months.

How to Verify the Email

To ensure the email’s authenticity, follow these steps:

– Check Sender’s Address: Confirm the email comes from distribution@equifaxbreachsettlement.com or info@equifaxbreachsettlement.com.
– Personalized Greeting: Legitimate emails will use your full name, not generic greetings.
– Visit Official Websites: Instead of clicking links, visit the Equifax Data Breach Settlement Website directly.

If you’ve received an email related to the Equifax data breach settlement, it’s likely legitimate if it meets the criteria mentioned above. Keep in mind the ongoing effort to compensate those affected by the breach, with free identity theft recovery services available until 2029. For peace of mind, always verify communications regarding personal data with trusted sources directly.