The 2017 Equifax data breach affected approximately 147 million U.S. consumers, compromising sensitive personal information, including Social Security numbers and credit details.
After years of legal proceedings, the settlement has been finalized, and valid claimants can now anticipate their compensation.
Below, we break down the payout details, timelines, eligibility criteria, and other benefits offered under the equifax breach settlement.
What Is the Equifax Breach Settlement?
The Equifax breach settlement provides financial compensation and additional benefits to class members affected by the data breach.
The settlement aims to reimburse claimants for time, monetary losses, and inconvenience caused by the breach. It also includes measures to prevent such incidents in the future.
Equifax Breach Settlement: Compensation Details
Time Spent Compensation
Claimants who spent time protecting their identity or addressing issues caused by the breach can receive $25 per hour for up to 20 hours. This requires a detailed description of actions taken to mitigate the breach’s impact.
Out-of-Pocket Losses
Claimants can receive reimbursement for monetary losses incurred between January 23, 2020, and January 22, 2024, up to $20,000 per person. This includes:
- Costs related to credit monitoring subscriptions (up to 25% for a year starting September 7, 2017).
- Documented expenses associated with identity theft recovery.
Additional Benefits Under the Settlement
Free Credit Monitoring Services
The settlement offers four years of credit monitoring from all three major bureaus—Equifax, Experian, and TransUnion. Additionally, claimants will receive six more years of free Equifax credit monitoring.
Identity Restoration Services
Eligible claimants gain access to seven years of identity restoration services, including:
- Assistance from certified identity theft restoration specialists.
- Help dealing with credit bureaus and government agencies.
- Access to a dedicated call center.
Distribution of Settlement Funds
Before distributing funds to class members, several expenses are deducted from the settlement pool, including:
| Expense | Amount |
|---|---|
| Administrative Costs | Variable |
| Service Awards for Class Representatives | Up to $2,500 per person |
| Attorney Fees | $77,500,000 |
| Consumer Restitution Fund | $125,000,000 |
| Time Spent Reimbursement Fund | $31,000,000 (estimated $38M) |
After these deductions, payouts are processed based on the claims filed and verified.
Timeline: When to Expect Your Payout
The settlement has resolved appeals, and the Federal Trade Commission (FTC) confirmed that payouts will begin in November 2024.
Claimants who filed extended claims or faced out-of-pocket losses should regularly monitor their bank accounts or mail for updates.
Who Is Eligible for the Settlement?
To qualify for compensation, claimants must meet the following criteria:
- Affected by the 2017 Breach: Your personal information was compromised during the class period.
- Filed a Claim Before Deadline: Claims must have been submitted by the settlement deadline.
- Eligibility Confirmation: Use the online eligibility checker with your last name and Social Security Number to verify eligibility.
Exclusions
- Individuals who opted out of the settlement.
- Equifax employees, directors, officers, or their families.
- Judges or staff associated with the settlement and their families.
Preventive Measures Promised by Equifax
To avoid similar breaches in the future, Equifax has committed to the following:
- Prompt notification of any future data breaches.
- Improved security systems to protect personal information.
- Additional credit monitoring services through IDNotify.
| Category | Description | Fund Allocation |
|---|---|---|
| Time Spent Reimbursement | $25/hour for up to 20 hours | $31M (estimated $38M) |
| Out-of-Pocket Losses | Reimbursement up to $20,000 | $125M |
| Credit Monitoring Services | Four years free from all bureaus + six years Equifax | Included in settlement |
| Identity Restoration Services | Assistance for seven years | Included in settlement |
| Attorney Fees and Expenses | Legal and administrative costs | $80.5 |
The Equifax data breach settlement is a significant step toward compensating affected individuals and improving data security practices.
Eligible claimants should stay updated on their payout status and take advantage of additional benefits like credit monitoring and identity restoration services.
As the settlement process concludes, it serves as a reminder of the importance of safeguarding personal information in an increasingly digital world.
How Do I Confirm My Eligibility for the Equifax Settlement?
You can confirm eligibility using the eligibility checker tool by entering your last name and Social Security Number on the settlement website.
When Will the Payments Be Processed?
Payouts will begin in November 2024 for valid claimants who submitted claims by the deadline.
What If I Did Not File a Claim?
Unfortunately, only those who submitted claims before the deadline are eligible for compensation.
