However, the website for opting into an electronic payment is still active. The deadline to opt-in for an electronic settlement payment passed on Oct. However, JND Legal Administration - the organization handling the settlement’s actions - said in the email that it now had the ability to send the payouts via Paypal or prepaid card. The claimants who chose the $125 settlement payment, rather than the free credit monitoring Equifax offered, were initially going to receive the money by mailed check. The email sent at the beginning of October confirmed for people who filed a claim if they were eligible for a settlement payment. However, those who did file a claim may have recently received an email reminding them of the payout. The deadline passed in January 2020 for anyone affected by the breach to file a claim, according to the settlement website. The settlement offered either a $125 payout or 10 years of free credit monitoring and $1 million in identity theft insurance provided by Equifax. In the later months of 2019, a court-appointed team of lawyers secured a $700 million settlement from the credit agency to give some form of payback to the millions of Americans affected. The legal response after Equifax disclosed the breach took two years to gather steam. website application vulnerability to gain access to certain files” from May through July 2017.Should I still apply for student loan forgiveness while it faces legal challenges? When it occurred, Equifax attributed the massive breach-which exposed social security numbers, birth dates and license numbers of Equifax customers–to cybercriminal exploitation of an unnamed “U.S. “Even if I were to receive $125 as a settlement, which is highly doubtful, it’s ridiculous to think this should absolve Equifax of all liability forever.” “This settlement is absurd,” commented Robert Rasmussen, one of the petition’s signers. Bad actors use data obtained through leaks for various forms of cybercrime. Indeed, the action demonstrates growing frustration with consumers over organizations’ mishandling of their data as leaks due to often simple security blunders become weekly news items. “The FTC should be embarrassed to even suggest that such an offer is acceptable,” according to the petition, which 213,141 had signed at the time this article was written. In fact, to add insult to injury, the FTC has even asked the public to choose “worthless credit monitoring”-from Equifax, no less-instead of a cash settlement since there aren’t enough funds to pay all affected, according to the petition. “With only $31 million actually allocated to fund this portion of the settlement, less than ONE PERCENT (roughly 248 thousand out of over 148 million) could receive this money,” according to the petition. The petition argues that the terms of the deal as presented to the public are misleading and most of the customers affected won’t see any recompense over the breach. If the initial amount does not cover consumer losses, Equifax also acknowledged that it may need to pay an additional $125 million. In July Equifax said it will hand over $300 million to cover free credit monitoring services for impacted consumers, $175 million to 48 states in the U.S, and $100 million in civil penalties to the Consumer Financial Protection Bureau (CFPB). “Factually, this settlement is so riddled with holes that consumers applying for “their share” will never see a penny, let alone $125.” “The FTC recently promoted their $500+ million dollar settlement with Equifax as a huge benefit to the public, touting that each affected consumer could receive up to $125,” according to the petition. The petition argues that even though Equifax made a hefty financial settlement with government officials over that breach, very little of that cash will trickle down to those who actually suffered because of it. PROTECT US and not corporate executives,” according to the petition, started by Charles Kokoska of Oneida, NY. “It’s time WE send a clear and powerful message - to Equifax, the FTC and Washington in general: DO YOUR JOB. The petition is in response to a settlement Equifax reached with federal and state investigations that could cost the company as much as $700 million. “Don’t let Equifax escape liability” is the title of the petition aimed at bringing proper justice to the customers of one of the world’s largest consumer credit reporting agencies after it exposed the data of almost 150 million customers. government and Equifax over the latter’s now-infamous 2017 data leak–so much so that more than 200,000 of them so far have signed a petition against the deal. Consumers are furious over what they view as an unfair settlement between the U.S.
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