by Just like nobody ever asked to be born, nobody asked to have a credit score, and yet we all do. And now, unlike in your real life, you can be entitled to financial compensation simply for having a credit score, thanks to Equifax.
Why may you ask? Payouts in the 2017 Equifax data breach are finally being disbursed and users on social media are asking if they are real, if so, are they also getting a payout? And why is the payment so small?
What was Equifax’s data breach?
You see, in 2017, Equifax, a top three data exchange alongside 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 information business and sell your private information to help banks and landlords make money. This is how the credit bureaus create your credit score.
US indicts 4 Chinese military hackers over giant 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 settlement and an additional $100 million in fines.
If you were a victim of said data breach, you are now eligible for a small sum of money that can be collected between January 23, 2020 and January 22, 2024. According to the Equifax Breach Settlement website, if you registered before January 22, 2020, you were entitled to up to $125 or score tracking free credit.
Do I get a deal and how much do I get?
If you were one of the millions of Americans affected by the Equifax hack, you can file a complaint here(Opens in a new tab). However, don’t expect too much. Social media users who received the payment from the credit bureau are not thrilled, with the average amount received by most being $5.21. There are some who have received O huge $22 total(Opens in a new tab)but most of us can expect the equivalent of a month’s Peacock Premium subscription.
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Equifax issued the payments via virtual prepaid cards and is sending emails to those who have not yet cashed their settlement checks.
