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Equifax Class Action Lawsuit: How to get a CASH Settlement



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hey credit Warriors Crofut here well the

credit bureau Equifax has reached a 700

million dollar deal with the FTC over

the 2017 consumer data breach in which

the personal data of I think it was over

a hundred million Americans was stolen

by hackers from Equifax his servers so

things like Social Security numbers

identities even some credit card numbers

etc to a small degree but certainly

Social Security numbers

and people's identity was stolen on a

large scale night Equifax did offer some

you know credit monitoring or like a

finger was a three-year worth of credit

monitoring and stuff arm at the time

that you could sign up for which I did

sign up for but now there's been this

class action lawsuit against Equifax and

as part of that lawsuit was part of the

overall $700 settlement 318 million

dollars as part of a class action

lawsuit which is a kind of a consumer

restoration fund basically a fund set up

to reimburse people for expenses

incurred by this data breach okay so a

class-action lawsuit just a little

definition of that basically that's a

lawsuit on behalf of a class of persons

so if a large number of people have all

been affected by the same injustice a

lawyer can sue the company on behalf of

that class of person and you can opt in

or opt out so if you did lose a lot of

money and you wanted to pursue your own

legal means against Equifax you could

opt out a class-action lawsuit and

pursue your own legal case and but for

most people it will make more sense to

be part of the class-action lawsuit

because then you'll get whatever

compensation is offered to that class of

person there's more risk obviously

associated with pursuing your own legal

case more on that later

so the FTC has created a website which

gives you basically an easy way to see

first of all if you were affected by

this there's already been a website in

the past by X to see if you were

affected but the FTC now has this

function as part of their website for

dealing with the claims and then if you

were affected you can claim so let's

jump into that website and we'll show

you guys exactly how to do it

so when you click through and I'll put

this website in a pin comment below this

video don't just randomly search for

this online do follow the exact URL

because you never know there could be a

copycat websites trying to steal their

info but when you click into the website

basically you'll get this screen so

welcome to the Equifax data breach

settlement website and it'll give you

the options basically for what you can

get in addition to either free credit

monitoring or $125 cash payment that's

what everyone can get who was affected

by it but if you have spent time trying

to sort it out or who lost money there's

actually options for even more

compensation we'll talk about that as we

go through the process so rather than

clicking file a claim today I recommend

scrolling down the site and you'll get

this find out if your information was

impacted so if you don't already know

that you were impacted

I suggest you click this first to see if

you are eligible for compensation so

click through there and you'll get this

screen check your eligibility and you

just enter your last name and the last

six digits of your social normally it's

the last four digits this is the last

six digits and then you click Submit all

right and so in my case you can see here

based on the information you provided

our records indicate that your personal

information was impacted by this

incident all right now I already knew

that because I checked it at the time

back in 2017 but you know I just checked

it again to make sure and so I was

impacted obviously if you want impact it

then you can't really file a claim but

if you were impacted then it gives you

the option file a claim so when you

click through there you get the file a

clean screen and you can either file

online or you can file through the mail

you can actually also file for a miner

who is affected you have to do that

through the mail so anyway in my case

I'm just fine and came online so you

click through there and you then get

sort of quick instructions and you get

the options of what you can get so you

can get either ten years of free credit

monitoring six years sorry four years

with all three bureaus or sit and

followed by six years just with Equifax

or ten years total or you can get a cash

payment of one hundred and twenty five

dollars if you already have credit

monitoring now I already have credit

monitoring through Credit Karma

most people seem most

you know people writing about this seem

to think Credit Karma will count as

credit monitoring so I monitor the

Credit Karma and then Credit Karma only

gives YouTube bureaus so I monitor

separately through Experian as well they

have a free credit monitoring thing too

so I believe that counts so I went for

the hundred twenty five dollars then

there are a couple of extra options

where you can get even more compensation

if you spent time recovering from the

breach you can make a payment or if you

lost money or spent money you can get

that compensated as well so we'll click

Next and basically you enter your

address and your personal information

and stuff and then click Next again and

ok so this is the credit monitoring or

cash payment so I chose option two what

you do is entirely up to you if you

would like their free credit monitoring

you could go for that personally I feel

Credit Karma and Experian monitoring is

enough so I just took the money then

there's also a cash payment option if

you spent time now I did actually spend

some time sorting it out you know

probably about an hour just setting up

like you know checking to see if I've

been impacted and then signing on to

Equifax is free I think it was a free

year of credit monitoring they gave out

at the time that took me about an hour

to do you can basically claim

twenty-five dollars per hour for the

time you spend and they talked about you

know if you spent time placing or

removing credit freezes

setting up credit monitoring that kind

of stuff so you know if you if you spent

under ten hours you just got to describe

what you did and they'll believe you if

you spent more than ten hours you have

to you know include some supporting

documents showing fraud or identity

theft so basically you have to have

actually been a victim if it was over 20

if it was over ten hours but under ten

hours just setting up credit freezes and

that kind of thing you can clean

twenty-five dollars per hour for so if

you want to do that you can I personally

felt it was a little bit you know

overkill so I didn't bother then you

have if you lost money so if you were

actually impacted you can be compensated

up to twenty thousand dollars I wasn't

impacted but you know if someone else

did then you could click that option and

then basically the last section is how

do you want your cash payment I chose

cheque but you can have a prepaid gift

card if you want and they'll send it

to house so then you've got kind of like

a confirmation obviously I'm blurring

out all that stuff and then finally once

you've sent it a plane they give you

this thing that says success and it has

a confirmation number now quite

important they do not send you an email

which is kind of weird alright but maybe

it's a security thing so you need to

press print and either print this out or

save it as a PDF I would recommend

saving as a PDF so you just click print

and then there's an option to save the

document as a PDF on your computer so

you have it you have that number so that

is how to do it guys you can get

potentially up to twenty thousand six

hundred and twenty-five dollars worth

compensation out of this that's the most

you could get if you know you have been

affected and you spent a lot of time

sorting it out and you had lost you know

tens of thousands of dollars and had

twenty thousand dollars you know still

not reimbursed so that's the most you

could get obviously most people I think

they're probably just going to be

getting the 125 now some important dates

to remember though if you want to be

part of this class-action lawsuit okay

you need to sign up for it by January

22nd 2020 okay so that's January next

year all right so you've got about six

months or so to sign up for it okay if

you want to opt out because you're

choosing to pursue your own legal case

against Equifax you need to opt out by

November 19th 2019 now this is not going

to apply to most people the only people

who really would opt out I think would

be people who'd lost significant amounts

of money that hadn't been reimbursed

okay because obviously if you're gonna

pursue your own legal case then you've

got lawyers fees and everything there's

a lot of risk associated with pursuing

your own legal case being part of the

class-action lawsuit is far more

straightforward and probably definitely

gonna be the better option for most

people but obviously you guys gonna make

your own decision on that now because of

this whole thing I now I'm gonna post

credit security freezes on all three

credit bureaus I didn't do this at first

in 2017 because I was going through a

much more active period of applying for

credit cards etc now that I've got my

mortgage okay we're sitting in the new

house I think you guys know that I've

been going on about it for the last few

videos and also yesterday I applied for

the chasing preferred which was the

latest card that I wanted to apply for I

was actually denied

okay because of a stupid mistake I

probably make a separate video talking

about it but then I actually went into

the branch talk with them they sorted it

all out and have been approved so I'll

receive the card in a couple of weeks so

you know very happy about that but

anyway I so I have you know applied for

the card I want the next card I want I

probably won't apply for another card

for like six months so I'm going to

actually place credit freezes on all

three bureaus and it's more important to

me now to do that okay because I own a

house and you know when you own a house

people can do things like take out a

home equity line of credit against your

house right or take out a loan with your

house as collateral kind of thing by you

know if they have access to your credit

to your social security number and your

identity okay

people can do that but a credit freeze

on all three bureaus will prevent new

hard pools so it will in theory it

should prevent any new loan or credit

account being opened with your social

security number okay so that's gonna

prevent things like that and it's a lot

more crucial when you own a big asset

that you kind of rely on for your life

like a house okay if I just had credit

cards I you know definitely wouldn't

place as much importance on it although

I'd still consider it so we did do a

video about how to freeze your credit

for free with all three credit bureaus

and is for free now a law came in I

think it was last year yeah last summer

a law came in that basically made it

free okay by law it's now free to freeze

your credit so I'll put that video on

the end of this video if you guys are

interested in freezing your credit will

put the video there as always we'll put

some of our favorite credit cards and

links in the description below that you

guys can check out and we'll also put

the link to the website for filing a

claim against Equifax and getting that

one hundred twenty-five dollars or

however much compensation you want all

the free credit monitoring services in a

pin comment below you guys can click on

that and go through and have a look see

what you can do and get compensated once

again thanks for watching guys please

subscribe if you're new for new credit

card tips and tricks' almost everyday

and we'll see you next time bye bye

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