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Equifax Data Breach Settlement

Equifax Data Breach Settlement

During a criminal cyberattack on Equifax’s systems in September 2017, personal data on 147 million US consumers was released. Many of our clients’ and employees’ information was included in this unauthorized data release. A proposed class action settlement was entered on July 22. Details of the Equifax Data Breach Settlement can be found here:

To find out if you were impacted by the breach:

Or call toll-free:  1-833-759-2982

If you were impacted, you may consider filing a claim for the following:

1)     Free Credit Monitoring or $125 cash payment if you have already engaged a credit monitoring service

2)     Other cash payments up to $20,000 for:

  • The time you spent remedying fraud, identity theft, or other misuse of your personal information caused by the data breach, or purchasing credit monitoring or freezing credit reports, up to 20 total hours at $25 per hour
  • Out-of-pocket losses resulting from the data breach
  • Up to 25% of the cost of Equifax credit or identity monitoring products you paid for in the year before the data breach announcement

3)     Free Identity Restoration Services

Documentation requirements for the claims above per the website:

1)  None

2) and 3):

  • Costs, expenses, losses due to identity theft  – Account statement with unauthorized charges highlighted, police reports, IRS documents, FTC Identity Theft Reports, letters refusing to refund you for fraudulent charges
  • Costs for freezing or unfreezing your credit report on or after 9/7/2017 – Receipts, notices, or account statements reflecting payment for a credit freeze
  • Credit monitoring purchased after the data breach – Receipts or statements for credit monitoring services
  • Professional fees paid to address identity theft – Receipts, bills, and invoices from accountants, lawyers, or others
  • Other expenses such as notary, fax, postage, copying, mileage, and long-distance telephone charges – Phone bills, receipts, detailed list of places you traveled (i.e.; police station, IRS office), reason why you traveled there (i.e.; police report or letter from IRS re: falsified tax return) and number of miles you traveled

Timeline for Equifax Data Breach Settlement

  • 11/19/2019 – If you wish to opt out of or object to the settlement you must do so in writing
  • 1/22/2020 – Initial Claims Period Deadline
  • 1/22/2024 – Extended deadline for losses that occurred after the Initial Claims Period 

At RegentAtlantic, we take our clients’ security very seriously, from a strict procedure in place prior to moving money, closely monitoring client accounts, and working hand in hand with our custodians.

This notice is for informational purposes only. It is not intended as a recommendation or a legal opinion. 

Important disclosure information

Please remember that different types of investments involve varying degrees of risk, including the loss of money invested. Past performance may not be indicative of future results. Therefore, it should not be assumed that future performance of any specific investment or investment strategy, including the investments or investment strategies recommended or undertaken by RegentAtlantic Capital, LLC (“RegentAtlantic”) will be profitable.

Please remember to contact RegentAtlantic if there are any changes in your personal or financial situation or investment objectives for the purpose of reviewing our previous recommendations and services, or if you wish to impose, add, or modify any reasonable restrictions to our investment management services. A copy of our current written disclosure statement discussing our advisory services and fees is available for your review upon request.

This article is not a substitute for personalized advice from RegentAtlantic. This article is current only as of the date on which it was sent. The statements and opinions expressed are, however, subject to change without notice based on market and other conditions and may differ from opinions expressed in other businesses and activities of RegentAtlantic. Descriptions of RegentAtlantic’s process and strategies are based on general practice and we may make exceptions in specific cases.

RegentAtlantic does not provide legal or tax advice. Please consult with a legal and or tax professional of your choosing prior to implementing any of the strategies discussed in this article.

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