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Equifax Violation: How to claim your $ 700M



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James Martin / CNET

If you were one of the 147 million people whose data was revealed in the main Equifax data breach in 201

7, you will soon be able to file your claim. The Federal Trade Commission announced on Monday that Equifax has agreed to pay at least $ 575 million and up to $ 700 million to compensate the victims of hackers who have stolen data from Equifax customers. Settlement payments can cover the costs you have spent on recovering from the violation of the free credit reporting company – including recovering from theft of your identity – and unauthorized charges to your account.

Participation in the agreement is not quite simple. First, the proposed agreement must be approved by the court. Only then will you be able to file a claim. Below we provide you with tools and links that will help you understand your next steps and what can be covered. However, if you want to start now, you can collect documents that are related to the violation.

This violation has led to theft of hackers, numbers, addresses, credit card information and driving licenses, birthdates, and other personal data stored on Equifax servers. As part of its investigation, FTC argued that the credit bureau had not taken reasonable steps to protect its network.

The exact amount that Equifax will pay is not defined. The proposed agreement will begin with a $ 300 million fund to compensate affected consumers who have purchased credit monitoring services. Equifax will also pay $ 175 million to states and regions – and $ 100 million to the Financial Consumer Protection Bureau for Civil Penalties.

If the initial infusion of $ 300 million does not adequately compensate consumers, the FTC says Equifax has agreed to add another $ 125 million to the fund for a possible $ 700 million settlement. If you are a claimant, your settlement share may include free credit monitoring and identity theft. You may also be entitled to cash payments to cover costs as a result of the violation – such as legal fees and credit monitoring – free help recovering from identity theft and free credit reports for 10 years.


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Here's how to get involved in the settlement.

Prepare your request

Once the court has approved the agreement, you will be able to file a claim for the refund of the money you lost as a result of the large-scale wound. Here's how to prepare for a claim.

Find out if you are affected by the violation

If you want to verify that your details have been disclosed after the agreement has been approved, the FTC will have a website with a tool that you can use to check if you were a part of the infringement. You can sign up for an FTC email update to learn when the site and the tool are active.

What Settlement Settlements Cover

The proposed agreement limits payouts to $ 20,000. ,

  • Expenses related to unauthorized charges to your accounts
  • Costs of freezing credit report and credit monitoring
  • Fees paid to accountants, lawyers and other professionals
  • Costs for postal, services
  • Equifax credit monitoring costs and other services one year before the infringement

In addition, from 2020, Equifax will provide all US consumers – whether or not part of the settlement – with six additional free credit report annually for seven years from his website.

This is the information we know right now with many details to come. We hope that the FTC and Equifax will share much more when the claim window opens. We'll update this story when they do. Meanwhile, here's what to do if you are not sure if you are affected by an Equifax disorder.


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