Equifax has come to a deal with the U.S. government that is worth up to $700 million in fines and reparations for consumers affected by the 2017 theft of personal data from the giant credit reporting company.
While most of the press attention has been focused on the big top-line number and the agreement that consumers who suffered losses or had to complete extensive paperwork may collect up to $20,000 each, the part that will affect most of us who had data stolen is much smaller, but very valuable.
Here's what everyone affected is entitled to:
- Up to 10 years of free credit monitoring — four years of free credit monitoring of your credit report at all three credit bureaus (Equifax, Experian, and TransUnion) and $1,000,000 of identity theft insurance and up to six more years of free credit monitoring of your Equifax credit report;
- $125 if you decide not to take the monitoring (although if too many opt for this, the amount might be pro-rated down
- 18 years of free credit monitoring for anyone who was under 18 in May 2017 and had data stolen.
- “Free identity restoration services” for at least seven years. One part of that is that starting in 2020, all U.S. consumers will be entitled to six Experian free credit reports per year for seven years.
The settlement has been attacked as too little, too late, but it's not without value.
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