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Three Things You Need to Know About the Equifax Settlement

What happened?’

In September of 2017, Equifax announced a data breach that exposed the personal information of 147 million people. The company has agreed to a global settlement with the Federal Trade Commission, the Consumer Financial Protection Bureau, and 50 U.S. states and territories.

Does this affect me?

The settlement includes up to $425 million to help people affected by the data breach. If you aren’t sure if you were affected, click here to file a claim online to see if you were affected.

I was affected, so now what?

You can file a claim by clicking here and follow the instructions.  There are a few ways you can be compensated:

  1. Equifax will provide credit monitoring on all three major credit bureaus (Equifax, Experian, and TransUnion) for 4 years, and then another 6 years on Equifax only
  2. If you already have credit monitoring (Lifelock™, etc.), then you can make a claim for $125.  The option will be provided for you on the website.
  3. You may be eligible for reimbursement and cash payments up to $20,000 for:
  • time you spent protecting your identity or recovering from identity theft, up to 20 hours at $25 per hour
  • money you spent protecting your identity or recovering from identity theft, like the cost of freezing or unfreezing your credit report or unauthorized charges to your accounts
  • up to 25% of the cost of Equifax credit monitoring or identity protection products you bought between September 7, 2016 and September 7, 2017
  1. If someone has stolen your identify, you are eligible for free identity restoration services for a minimum of 7 years

 

At Phase 3 we are here to help you weather any financial season, especially the storm of identity theft.

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Securities offered through Royal Alliance Associates, Inc., member FINRA/SIPC. Insurance and investment advisory services offered through Phase 3 Advisory Services Ltd., a registered investment advisor not affiliated with Royal Alliance.

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