Thousands of Americans may qualify for payments after a $17.5 million settlement linked to a 700Credit data breach, with eligible claimants facing a September 22 deadline to submit requests for compensation.
The settlement follows allegations that the credit reporting agency failed to use adequate security measures to prevent a breach that exposed sensitive consumer information, including Social Security numbers.
Settlement Offers Cash Payments And Credit Monitoring
According to The Sun, 700Credit agreed to the settlement to resolve claims related to the data breach while denying any wrongdoing.
Under the agreement, affected consumers can choose between a cash payment and a credit monitoring service. People who provide documentation showing financial losses connected to the breach may request up to $2,500.
Eligible evidence can include records such as bank statements, receipts, or other financial documents showing expenses or losses tied to the incident.
Consumers who experienced losses without supporting documentation may still qualify for a payment of up to $50. Final amounts may depend on the number of approved claims submitted.
Credit: Canva
Data Breach Claims Deadline Is Approaching
Class members who want to receive compensation must submit a claim form by September 22.
The deadline to object to the settlement terms or request exclusion from automatic payment passed on September 8. Those who remain part of the settlement will be considered for benefits once the court completes the approval process.
The agreement also provides all eligible class members with two years of free credit monitoring services, regardless of whether they receive a cash payment.
Why Class Action Settlements Pay Consumers
A class action settlement allows a large group of people with similar complaints against a company to resolve a legal dispute together.
These agreements often provide compensation to consumers while allowing companies to avoid the cost and uncertainty of extended court proceedings. In many cases, companies settle without admitting liability.
The final approval hearing for the 700Credit settlement is scheduled for October 7, after which payments are expected to be distributed if the agreement receives court approval.
