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.
- 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?
- 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?
- What is the only option in which you keep your right to sue Equifax in the future and what is the deadline?
- How should Equifax record the settlement in their accounting records?
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)