Equifax Data Breach: Settlement Options

In the fall of 2017, Equifax experienced a massive data breach. Approximately 147 million people were victims of this data breach. Recently a federal court has purposed a class action settlement. If you are part of this data breach, you are able to file a claim today.

Was I Part of The Equifax Data Breach?

You can check if you are part of the Equifax data breach by going to Equifax’s data breach settlement website. You will need to enter your last name and last six digits of your social security number. After entering in this information on the settlement site, it will say if you were or were not a victim of the Equifax data breach.

Can I File a Claim?

You can file a claim if you if you are a victim of the Equifax data breach. To file a claim go to the Equifax data breach settlement site mentioned above to verify your eligibility. If you were a victim, the website will take you to a screen where you can file a claim.

What are My Claim Settlement Options?

Victims of the Equifax data breach, you can select from the following options:

  • A one-time cash payment up to $125 (if you already have credit monitoring)
  • Free credit monitoring service for 10 years. Which includes $1 million in identity theft insurance, identity restoration services (for seven years), and options to add more monitoring from Equifax.
  • Exclude yourself from the Equifax settlement

You can file a claim for eligible for reimbursement for time spent recovering from this incident if you were a victim of the Equifax data breach. You can also request compensation for reimbursement for out-of-pocket expenses if you spent or lost money recovering from this incident.

Which Settlement Option Should I Pick?

A one-time cash payment of $125 sounds great, right? But the actual cash payment amount is expected to be much less. Equifax set aside $31 million for cash payouts. This means that if only 248,000 people select a cash payment, they will get the full $125. Don’t forget, there were 147 million affected by the Equifax data breach.

If you do the math and estimate 10% of the affected victims select the one-time cash payment, that is approximately $2.10 per claim. If 1 million people select the one-time cash payment, that is about $31 per claim.

Credit monitoring cost about $9 to $40 per month depending on the company you select and the credit-monitoring package. Estimating $15 a month for 10 years, this equals $1,800 – far more than a one-time cash payment of $125.

There has been a lot of publicity about the Equifax settlement. They are expecting a high rate of people filing claims. The FTC is warning victims not to expect the full one-time cash payment of $125.

What do you do if you have already selected the one-time cash payment but want to change to the credit monitoring option? You can contact Equifax to change your settlement option.

Changing Your Equifax Settlement Option

The Credit.com Editorial Team called the Settlement Administrator to find out. Settlement members can email Info@EquifaxBreachSettlement.com to change their settlement option. In the email to Equifax include the following information: your claim number, full name, and details about changing the settlement option. You only need to do this if you want to change your claim option.

Whichever selection you decide, make sure to do it before time runs out. You have until January 22, 2020 to file.

 Preventing Identity Theft

It may seem impossible to prevent your personal data, but there are steps you can take to be proactive. Here are some ideas:

  • Be mindful of what your share on social media. A data thief can find out a lot of information about a person on social media. Limit your exposure by limiting what you share and whom you share it with. Don’t give away your address, date of birth and mother’s maiden name on social media. Are you already doing this? It’s a good idea to check your security settings every so often.
  • Take outgoing mail to the post office or a collection box. When you mail your mortgage payment and put the flag up on your mailbox, it is an open invitation to thieves to come check your mailbox to see what they can find. You can put a stop payment on a stolen check but the thief now has your bank account and routing number, which is a much bigger issue. Go for online bill payments or dropping off at a secure location.
  • Keep your Wi-Fi secure. Make sure your home Wi-Fi is password protected. If you are using public Wi-Fi, be careful what information you enter and view while on a public browser as others could see this information.
  • Opt out of prescreened credit card offers. You can opt out for five years or permanently. If you go with the permanent option, you have to mail something in. The five-year option allows you to complete the request online. To opt out, go to optoutprescreen.com. This will also eliminate waste since you will not receive offers you are not interested in. Next time you are in the market for a new credit card, visit Credit.com’s Credit Card Marketplace to review top offers instead. It is a much easier way to compare various credit card offers.
  • Freeze your credit if you have been a victim of identity theft. Freezing your credit report makes it harder for a data thief to open an account in your name. You can place a fraud alert on your credit report by contacting the three credit bureaus – Experian, Equifax and TransUnion.

Final Thoughts

If you have been a victim of the Equifax data breach, or any other data breach, there are things you can to do to help prevent identity theft. Monitoring your credit report and credit scores are a very important part of preventing identity theft.

Make sure to review your personal data (bank accounts and other sensitive info), credit report and credit scores from the credit bureaus on a regular basis to help prevent identity theft. Consumers are entitled to a free credit every 12 months from AnnualCreditReport.com. You can also sign up with Credit.com to view your credit score. With Credit.com you get two credit scores every 14 days and a credit report card for free.

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Financial Scams That Target the Elderly and How to Prevent Them

financial scam targets elderly

A 2015 study found that older adults lose more than $36 billion every year to financial scams. Unfortunately, con artists see the elderly population as an easy and vulnerable target.

The American Securities Administrators Association’s President, Mike Rothman, explains that scammers take this approach because the current elderly population is one of the wealthiest we’ve seen with such hefty retirement savings. Where the money goes, the con artists follow.

With so many scams targeting older adults, it’s essential to make yourself and your loved ones aware of the different types of cons. Here is a list of common financial scams that specifically target the elderly and how you can prevent them:

The Grandparent Scam

The grandparent scam is common because it appeals to older adults’ emotions. Scammers get the phone number of a senior and they call pretending to be a grandchild. Making their lie seem more believable, the con artist will playfully ask the older adult to guess what grandchild is calling. Of course, the first reaction will most likely be for the senior to name a grandchild and then the scammer can easily play along, acting like they guessed right. Now the grandparent thinks they are talking to their grandchild.

The scam artist will then begin to confide in the grandparent, saying they are in a tough financial position and they need the grandparent’s help. Asking them to send money to a Western Union or MoneyGram, they plead for the grandparent not to tell anyone. If the grandparent complies and sends the money, the scammer will likely contact the senior again and ask for more money.

Avoid this scam:

  • Never send money to anyone unless you have 100 percent proof that it is who you think it is. Scammers can find out quite a bit of information from social media and other methods, so don’t think that just because they know a couple pieces of information about you and your family that it is legit.
  • Verify that it is actually your grandchild on the phone by texting or calling the grandchild’s real phone number and verifying if it is him or her.
  • Call the parent of the supposed grandchild and find out if the grandchild really is in trouble.
  • Talk to your family members now and compile a list of questions only you and your family know the answers to. If a family emergency really does happen, you can ask the questions and know if it is your family member based on the answers.

“Claim Your Prize Now!” Sweepstakes Scam

The sweepstakes scam is when con artists contact the elderly either by phone or email and tell them they have won something, whether that be a sum of money or another type of prize. To claim the prize, scammers tell them they have to pay a fee. Once the senior agrees, scammers send a fake check in the mail. Before the check doesn’t clear and seniors can realize it is a scam, they have already paid the “fee.”

Avoid this scam:

  • Do not give out any financial information over the phone or email.
  • Practice Internet safety by protecting your passwords, shopping on encrypted websites, and avoiding phony emails.
  • Be skeptical of any message that says you have randomly won a prize and you must do something before you can claim it. Unless you specifically enter a contest, you most likely aren’t going to randomly win a monetary prize.

Medicare Scam

Because of the Affordable Care Act that allows seniors over the age of 65 to qualify for Medicare, scam artists don’t have to do much research about seniors’ healthcare providers. This makes it simple for scammers to call, email, or even visit seniors’ homes personally and claim to be a Medicare representative.

 

There are a variety of ways these con artists use this Medicare scam to target the elderly. One way is telling seniors they need a new Medicare card and to do so, they need to tell the “Medicare representative” what their Social Security number is. An additional way is they can tell seniors there is a fee they need to pay to continue their benefits.

Avoid this scam:

  • Do not give out any information to someone you have not verified is from Medicare. Real Medicare employees should have your information on file so if you are skeptical, ask the person some questions to verify it is legitimate.

The “Woodchuck” Scam

A common scam to target seniors who live alone is the “woodchuck” scam. Scam artists will claim to be contractors and will complete house projects if seniors agree to let them.

The scammers will gain seniors’ trust and eventually come up with a variety of fake repairs that need to be done, such as a roof repair. This often results in seniors giving the fake contractors thousands of dollars.

 Avoid this scam:

  • Make sure the person doing your home repairs is a professional. Find out what company they work for and call and verify they are indeed a legitimate contractor.

Mortgage Scam

Con artists are using senior homeownership to their benefit. The mortgage scam is when scammers offer a property assessment to seniors, telling them they can determine the value of their home. This scam has become increasing popular as housing confidence is hitting record highs and people are putting a large chunk of their income towards saving for new homes.

The scam artists make the process look legitimate by finding the home’s information on the Internet and sending seniors an official letter detailing all of the found information. The scammers do this because it is an easy way to con seniors into paying a fee for the requested information.

 Avoid this scam:

  • Ensure the property assessment is legitimate by asking what company they work for and following up with the real company to verify.

Talk to Your Loved Ones

Older adults are often too embarrassed to tell authorities or a family member they have been scammed. Talk to the seniors in your life and let them know they can confide in you and let you know if they have been scammed. You can also have them read through this article and make themselves aware of the scams that could potentially target them in the future.

Check Your Credit Regularly

Check your credit regularly so you are aware of any suspicious activity with your accounts. You can check your credit for free on Credit.com and receive a free credit score updated every 14 days along with a credit report card, which is a summary of what is on your credit reports.

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