By now, you’ve likely heard about Equifax’s settlement with the FTC for its massive data breach in 2017. News spread quickly regarding the restitution, a possible $125 cash payment (or 10 years of free credit monitoring services) to the nearly 150 million affected. Alexandria Ocasio-Cortez even tweeted about it.
However, if you’re only requesting $125 from Equifax, you’re not asking for enough. If you spent hours dealing with the fallout, you should at least be asking for $375.
When filing at the Equifax settlement website, consumers can elect to claim $25 per hour, for up to 20 hours, for time spent dealing with the fallout of the breach. This is in addition to the $125. If an individual claims no more than 10 hours, no documentation proving identity theft or fraud is necessary. They just need to describe what actions they took and how much time was spent dealing with the breach. That’s $250! Read more...
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