8 Credit Card Offers That Could Backfire Later
Credit card companies have their own interests before yours. Read between the lines before accepting an offer.
Updated on: August 6th, 2019
This post was updated to reflect the FTC’s clarification that consumers will no longer receive the $125 cash settlement.
Unless you’ve been living under a rock, you probably heard that one of the biggest credit agencies in the world, Equifax, had a massive data breach in May 2017. Hackers exposed social security numbers and other sensitive data, affecting 147 million consumers. Not only that, but Equifax failed to notice the breach until late July, and didn’t notify the public until September of that year. Naturally, a huge Federal Trade Commission lawsuit and settlement ensued, and since a large percentage of the U.S. population has used Equifax’s services in one form or another, many of us are eligible for ten free years of credit monitoring from all three bureaus.
Note that a cash settlement was previously offered, but due to the massive response, the payout will be microscopic and far less than the $125 originally quoted.
The deadline for this settlement process is January 22, 2020, so don’t expect to receive your free monitoring for a few months yet. In fact, Equifax will not send activation codes for credit monitoring until a federal judge approves the settlement. Equifax still denies any wrongdoing. Therefore, consumers are unlikely to be able to activate the monitoring until at least the end of the year. Consider it a holiday benefit for Equifax’s huge mistake.
Published by Debt.com, LLC