If you think that Experian is keeping your personal data safe, then think again. The credit reporting agency experienced a data breach in 2017 that affected over 147 million people. When a large corporation like Experian allows its servers to be hacked or otherwise compromised, it puts their customers at risk for fraud and identity theft. That’s why the Federal Trade Commission is requiring the company to pay a settlement to those whose data was breached.
The large settlement will be between $575 and $700 million, and it will be divided up between the claimants. If you believe that you should receive a portion of the settlement, you can verify your information on the Equifax Settlement website. If you’re eligible, you’ll have the option of signing up to receive a portion of the settlement. It’s estimated that the settlement payouts could be in the neighborhood of $125 per person, although it may be less based on the response to the settlement.
The settlement check is intended for claimants to use it to cover credit monitoring services. However, if you already use a credit monitoring service, you won’t be required to get a new one. Claimants can also be compensated for documented costs related to identity theft or fraud on their accounts. If you file a claim for compensation, then you must show documentation such as receipts or bank statements clearly stating the charge.
If a consumer credit company like Equifax can’t keep your personal information safe then how can you? There are numerous ways for hackers and thieves to steal your data, but you can take preventative measures to ensure its safety. Paper shredding is a great way to keep scammers from stealing your important information. If you’re throwing away pay stubs, tax records and bank statements, then you may as well be broadcasting your private information on the internet. Paper shredding can take care of this problem.
Once your garbage can goes out on the curb, it’s fair game to anyone who wants to steal your information. By using a paper shredder, there’s no way your information will fall into the hands of fraudsters. Even if your personal paperwork makes it to the dump, it’s still possible for it to fall into the wrong hands. Take this important first step in keeping you and your bank account safe by investing in a paper shredder. Finally, if you think should receive a portion of the Equifax settlement, then you must file a claim by January 22, 2020, in order to be eligible.