The 2017 Equifax data breach affected around 147 million people in the United States, exposing sensitive personal information like Social Security numbers and credit details. After a long legal process, the settlement for this breach has been finalized, and eligible claimants are now set to receive compensation for the impact this incident had on their lives. In this article, we will explore how much you could get, when you can expect your payout, and how to qualify for the settlement.
What Is the Equifax Breach Settlement?
The Equifax data breach settlement is an agreement to compensate people whose personal information was stolen during the breach. Equifax, a company that collects credit data, has agreed to pay for the damages caused. The settlement includes financial compensation for the time and money people spent dealing with the breach, as well as additional services to help protect personal information in the future.
Compensation Details of the Equifax Breach Settlement
Time Spent Compensation
If you spent time trying to protect your identity or fix issues caused by the breach, you can receive $25 per hour. You can claim up to 20 hours for these efforts. To get this compensation, you must explain the actions you took to protect yourself or recover from the impact of the breach.
Out-of-Pocket Losses
Claimants who lost money because of the breach can receive up to $20,000 in compensation. This includes costs related to credit monitoring services or any expenses caused by identity theft recovery. For example, if you paid for a credit monitoring service between 2017 and 2024, you might be able to get part of that money back.
Additional Benefits Under the Settlement
Free Credit Monitoring Services
As part of the settlement, Equifax will provide free credit monitoring services for up to four years. These services will cover all three major credit bureaus—Equifax, Experian, and TransUnion. Additionally, claimants will get an extra six years of credit monitoring from Equifax.
Identity Restoration Services
Eligible individuals will also receive identity restoration services for seven years. This service includes help from experts who can assist you if your identity was stolen. These specialists will help you deal with credit bureaus and government agencies. Plus, claimants will have access to a special call center for support.
How the Settlement Funds Will Be Distributed
Before any money is given to claimants, several expenses are taken from the settlement fund. These include the costs for administering the settlement, legal fees, and payments for the class representatives. Here’s a breakdown of the main expenses:
| 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 costs are taken care of, payouts will be distributed to eligible claimants based on their verified claims.
Timeline: When to Expect Your Payout
The payout process began in November 2024, following the resolution of any remaining legal appeals. If you filed a claim and are eligible for compensation, keep an eye on your bank account or mailbox for updates. It may take some time to receive your payment, depending on how long it takes to process the claims.
Who Is Eligible for the Settlement?
To qualify for the Equifax breach settlement, you must meet the following conditions:
- Affected by the 2017 breach: Your personal information must have been compromised during the breach.
- Filed a claim before the deadline: You need to submit your claim before the settlement deadline.
- Confirm eligibility: Use the online eligibility checker with your last name and Social Security number to verify if you are eligible.
Exclusions from the Settlement
There are a few exclusions from the settlement. People who opted out of the settlement or employees and their families who work for Equifax cannot claim compensation. Judges and staff involved in the settlement process are also excluded.
Preventive Measures Promised by Equifax
Equifax has taken steps to prevent similar breaches in the future. These include:
- Faster breach notifications: Equifax promises to notify the public quickly in case of future data breaches.
- Stronger security measures: The company has improved its systems to better protect personal data.
- Additional credit monitoring services: Equifax is offering extra services through a company called IDNotify to improve security.
Conclusion
The Equifax breach settlement is an important step in compensating the millions of people affected by the 2017 data breach. Eligible claimants can receive compensation for time spent protecting their identity and for any financial losses due to the breach. In addition, the settlement includes several benefits like free credit monitoring and identity restoration services. As the payout process moves forward, it is essential for claimants to stay updated and take advantage of these valuable services to protect their personal information.
FAQ’S
1. How much money can I get from the Equifax breach settlement?
You can receive compensation for time spent protecting your identity (up to $25 per hour for up to 20 hours) and reimbursement for financial losses (up to $20,000). Additional benefits like free credit monitoring and identity restoration services are also included.
2. When will I receive my payout from the Equifax settlement?
Payouts began in November 2024. However, it may take some time for all claims to be processed, so keep an eye on your bank account or mail for updates.
3. Am I eligible for the Equifax breach settlement?
You are eligible if your personal information was compromised in the 2017 breach and if you filed a claim before the deadline. You can confirm your eligibility by using the online checker with your last name and Social Security number.