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Get up to $125: Millions of Americans Eligible for One-Time Payment from $425 Million Pot

Equifax, a credit bureau company, has started sending out payments from a $425 million fund created after a data breach in 2017, according to Federal Trade Commission in their article in December 2022.

Payments began in December and can be used for credit monitoring, out-of-pocket losses, and identity restoration services, according to an article published by Equifax on December 19, 2022. Affected consumers can also opt for up to $125 or free credit monitoring at Equifax, Experian, and TransUnion. Payments will be sent through a check, PayPal, or a prepaid card by email.

Consumers can still file for compensation for expenses related to credit repair from a data leak, with a deadline of January 22, 2024. Payments of $25 per hour for up to 20 hours can be claimed, but the amount may be reduced based on the number of claims.

To file a claim for 10 hours or less, detailed information about the steps taken and when they were taken is required. For claims of more than 10 hours, additional documentation showing fraud, identity theft, or misuse of personal information is also required.

Equifax is facing more troubles after delivering incorrect credit scores to consumers. This affected millions of Americans who were applying for mortgages, credit cards, and auto loans.

The credit scores were off by 20 points or greater when they were issued between March 17 and April 6, which means that your score could have improved or decreased.

Equifax referred to the problem as a “coding issue” in a statement, but claimed that there was no shift in the majority of scores during the glitch period. People who applied for a loan through Wells Fargo, Ally Financial, or JPMorgan Chase may have been affected.

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