Equifax Data Breach Settlement: Claim Your Benefits

After five years, Equifax victims are finally receiving updates about settlement payments. The massive 2017 breach affected 147 million people. Class-action settlement recipients were notified by February 25, 2022 about their eligibility and payment options. You may qualify for free credit monitoring for four years if you receive this email.

What Happened with the Equifax Data Breach

In September 2017, Equifax announced a catastrophic security failure. Personal information for 147 million people had been compromised. The stolen data included names, addresses, dates of birth, and Social Security Numbers. Credit card details were also exposed in the breach.

Stop Collectors From Pursuing Fraudulent Equifax Breach Debts

Identity thieves use stolen Equifax data to open accounts in your name. If debt collectors are suing you for fraudulent debts, you need to respond before the January 2024 deadline. Our partner Solo helps you answer lawsuits and settle fraudulent collection cases.

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Up to 50 U.S. states and territories joined forces with the Federal Trade Commission. Together they reached a global settlement with Equifax. The FTC alleged that Equifax’s weak security directly contributed to the breach.

The settlement allocated up to $425 million to help affected individuals. Criminals could use the exposed data for identity theft and fraud.

What Equifax Agreed to Pay

As part of the 2019 settlement, Equifax agreed to provide several benefits:

Up to $20,000 in payouts for victims (capped at $125 for most)
Free credit monitoring services for multiple years
Identity theft protection and restoration services
Compensation to the government for court costs and fines

How Much Money Will You Get

The payout situation became complicated quickly. Millions of people filed claims for the settlement. Payment amounts were capped at $125 per person initially. You may receive less than this amount depending on total claims.

The deadline for filing claims is January 22, 2024. Payouts are scheduled to start soon after this date. Payment processing takes time with this many claimants involved.

You can still claim expenses incurred between January 23, 2020 and January 22, 2024:

Account losses from unauthorized charges on your accounts
Professional fees paid to accountants or attorneys for identity theft recovery
Notary fees, shipping charges, mileage, and phone calls related to recovery
Time you spent recovering from identity theft or fraud

Settlement Timeline

The lawsuit moved through several important phases over five years:

July 2019: FTC announces Equifax will pay at least $575 million, possibly up to $700 million
January 2020: Court approves the settlement agreement
Settlement amount: Final amount set at $425 million for breach victims
January 2022: FTC settlement reaches finalization
February 2022: Consumers receive activation codes for free credit monitoring services
Fall 2022: Settlement administrators begin releasing benefits for out-of-pocket expenses and time spent on recovery (up to 20 hours)

Are You Eligible for the Settlement

Settlement class members include approximately 147 million U.S. consumers affected by the breach. You need to verify your eligibility to claim benefits. Our partner Solo can help you understand your rights if you’re dealing with debt collectors after identity theft.

Check your eligibility at www.EquifaxBreachSettlement.com. You can also call the Settlement Administrator toll-free at 1-833-759-2982.

If you’ve used more than one last name, check all variations. Submit your claim form using the last name that received the “impacted” message.

Who Cannot Claim Settlement Benefits

The settlement excludes several groups of people:

Directors and officers of Equifax
People involved in the lawsuit, including judges and judicial staff
Class members who validly opted out of the settlement

Settlement Benefits You Can Claim

The breach may have affected you in multiple ways. Several types of benefits are available to eligible class members.

Free Credit Monitoring or Cash Payment

You qualify for free credit monitoring from all three credit bureaus. Equifax, Experian, and TransUnion will monitor your credit for at least four years. You also get six additional years of free Equifax credit report monitoring. Total monitoring time adds up to ten years of protection.

Minors affected by the breach receive even more free credit monitoring. Children face unique risks from identity theft that can last decades.

You may be eligible for cash instead of credit monitoring. You must maintain existing credit monitoring for at least six months first. Your payout depends on the total number of claims filed.

Reimbursement for Time and Money Spent

You can claim reimbursement and cash payments up to $20,000 total:

Claim up to 20 hours spent protecting your identity at $25 per hour
Expenses for identity protection or recovery from identity theft
Costs to freeze or unfreeze your credit report with bureaus
Charges for accounts opened without your permission
Up to 25% refund on Equifax credit monitoring purchased between September 7, 2016 and September 7, 2017

Identity Restoration Services

You qualify for free identity restoration services for at least seven years. These services help if you experience identity theft or fraud. Professional assistance can save you countless hours of stress and confusion.

Recent Settlement Developments

Settlement administrators are actively reviewing claims for time spent and losses incurred. Your administrator will contact you if your claim needs additional information. Watch for emails from info@equifaxbreachsettlement.com for legitimate settlement communications.

Eligible recipients receive emails about additional payment options. Follow the email instructions if you want to change your payment method. You’ll receive compensation according to your original selection if you take no action.

Use the eligibility look-up tool to confirm your status if affected by the breach. Free identity restoration help is available by calling the numbers on your confirmation page. Until 2026, you can get seven free Equifax credit reports from AnnualCreditReport.com.

Protecting Yourself After a Data Breach

Data breaches create serious risks for your financial future. Identity thieves can open accounts in your name for years after a breach. They may take out loans, apply for credit cards, or commit fraud.

Monitor your credit reports regularly for suspicious activity. Set up fraud alerts with all three credit bureaus. Consider freezing your credit if you’re not applying for new accounts. Check your bank statements monthly for unauthorized charges.

If debt collectors contact you about accounts you didn’t open, take action immediately. Our partner Solo helps you respond to debt collection lawsuits and negotiate settlements. You have rights when dealing with collectors pursuing fraudulent debts.

Document everything related to identity theft recovery. Keep copies of police reports, correspondence with creditors, and time spent resolving issues. You may need this documentation to claim settlement benefits or dispute fraudulent debts.

Frequently Asked Questions

What is the Equifax data breach settlement?

The Equifax data breach settlement is a $425 million fund created to compensate 147 million people affected by the 2017 security breach. You can claim free credit monitoring for up to 10 years, cash payments up to $20,000 for losses, and free identity restoration services. The settlement resulted from a lawsuit filed by the FTC and up to 50 U.S. states against Equifax for failing to protect consumer data.

How do I know if I'm eligible for the Equifax settlement?

You're eligible if you were among the 147 million U.S. consumers affected by the 2017 Equifax data breach. Check your eligibility at EquifaxBreachSettlement.com or call 1-833-759-2982. You'll need to enter your last name and the last six digits of your Social Security Number. If you've used multiple last names, check each one separately.

How much money will I receive from the Equifax settlement?

Most people receive up to $125 in cash payments, though this amount varies based on total claims filed. You can claim up to $20,000 if you experienced significant losses from identity theft. You receive $25 per hour for up to 20 hours spent recovering from identity theft, plus reimbursement for out-of-pocket expenses like freezing your credit or professional fees.

Can I still file a claim for the Equifax data breach settlement?

Yes, you can file claims for expenses incurred between January 23, 2020 and January 22, 2024. The final deadline to submit claims is January 22, 2024. Payouts will start soon after this date. You can claim unauthorized account losses, professional fees, recovery expenses, and time spent dealing with identity theft or fraud.

What should I do if debt collectors contact me about fraudulent accounts after the Equifax breach?

Document everything and dispute the debt immediately if you didn't open the account. Identity thieves often use stolen data from breaches to open fraudulent accounts. You can respond to debt collection lawsuits and negotiate settlements for fraudulent debts. Keep records of all identity theft recovery efforts, as you may be able to claim reimbursement through the Equifax settlement.

Equifax Data Breach Settlement: What You Need to Know