According to the Washington Post, nearly half of all Americans were affected by the 2017 Equifax data breach, where hackers stole personal data for more than 147 million people: credit card numbers, Social Security numbers and other identifying information. Now, as part of a settlement agreement with the Federal Trade Commission, the people whose data was stolen can get some compensation: 10 years of free credit monitoring, or maybe $125, depending on how badly you were affected.

Questions:

1. According to the article, why is there a good chance that you won’t actually get the full $125 that Equifax and the FTC are talking about?
2. If you have spent or lost money as a result of the hack (legal or accounting fees, or the money you lost because someone stole your identity and charged a large amount of money on accounts in your name, what can you do?
3. What is the only option in which you keep your right to sue Equifax in the future and what is the deadline?
4. How should Equifax record the settlement in their accounting records?

Source:

Brice-Saddler, M. (2019). An Equifax hack settlement promises a $125 payout. The truth is more complicated. The Washington Post, July 26 (Retrievable online at https://www.washingtonpost.com/business/2019/07/27/equifax-settlement-guide-how-get-money-what-you-need-know/?utm_term=.5be02ff449f1)