Do you remember the Equifax data breach back in September of 2017?
It turns out that we've reached a point that folks are talking about settlement. They've agreed to a global settlement with the Federal Trade Commission, the Consumer Financial Protection Bureau, and the states.
If you were affected, you are part of the class and are entitled to some compensation. In situations like this, there's free credit monitoring involved and that's not super interesting. This settlement is interesting for a few reasons. First, if you were a minor on May 2017, you get 18 years of free credit monitoring.
And if you already have credit monitoring, you can now get $125 cash if you prefer. And I think that's preferable to MORE monitoring.
(also, starting in 2020, you can get six free credit reports per year for 7 years from Equifax!)
What Can You Get?
If you are impacted, you can get:
Free Credit Monitoring or $125 Cash Payment
The monitoring is at least 4 years of three-bureau monitoring offered through Experian and you can also get up to six more years of free on-bureau credit monitoring through Equifax. If you already have credit monitoring services that will continue for at least 6 months, you can opt for $125 cash.