Equifax has agreed to pay $650 million to resolve multiple state and federal investigations related to the 2017 data breach in which it exposed the personal information of 147 million Americans. At least $300 million will go to consumers with an additional $125 million of the settlement available if the initial fund is exhausted.
Those who can prove they have been fraud victims will be entitled to relief if the settlement administrator finds that the losses are fairly traceable to the data breach. Individual victims may obtain up to $20,000 in compensation if they can prove actual harm. Consumers may obtain $25 per hour for up to 20 hours spent taking preventative measures or dealing with identity theft. Equifax has also agreed to provide 10 years of free credit monitoring services to victims.
Once approved by the court, a new website will be created to handle claims. In the meantime, consumers can visit ftc.gov/equifax for more information about the process.
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