The Equifax Breach Settlement: How Much Can You Get Per Person?

The Equifax Breach Settlement: How Much Can You Get Per Person?

In 2017, Equifax was the victim of a massive data breach that exposed the personal information of 147 million people. After months of litigation, the company agreed to settle for up to $425 million, in what has been called one of the largest settlements of its kind. But how much can you expect to receive if you were affected by the breach?

The Settlement Amounts

Equifax has agreed to provide up to $425 million in compensation to those affected by the breach. The settlement is divided into two main funds: a consumer fund and a reimbursement fund. The consumer fund will provide cash payments to those who have documented losses as a result of the breach, while the reimbursement fund will provide free credit monitoring and identity theft protection services.

Consumer Fund

The consumer fund is expected to pay out between $380 and $700 million, depending on the amount of claims filed. Those who have hardship claims, such as out-of-pocket expenses related to the breach or lost wages, will be able to claim up to $20,000 in compensation. Those who have documented losses related to the breach, such as fraudulent charges or unauthorized withdrawals, will be able to claim up to $10,000 in compensation.

Reimbursement Fund

The reimbursement fund will provide those affected by the breach with free credit monitoring and identity theft protection services for up to 10 years. The exact amount of the reimbursement fund has not been disclosed, but it is expected to be several million dollars.

How to Make a Claim

If you were affected by the Equifax data breach, you are entitled to make a claim for compensation or free credit monitoring and identity theft protection services. To make a claim, you will need to provide documentation of your losses or expenses related to the breach. You can make a claim online at the Equifax data breach settlement website or by mail. The deadline for making a claim is January 22, 2020.

Key Takeaways

The Equifax data breach settlement provides compensation for those who were affected by the massive data breach that occurred in 2017. The settlement is divided into a consumer fund and a reimbursement fund, with the consumer fund providing cash payments to those who have documented losses as a result of the breach and the reimbursement fund providing free credit monitoring and identity theft protection services. To make a claim, affected individuals must provide documentation of their losses or expenses related to the breach by January 22, 2020.