How to Claim $125 from Equifax Data Breach Class Action Lawsuit Settlement

The Equifax credit reporting agency has reached a proposed settlement agreement on the consumer class action lawsuit worth $700 million with the Federal Trade Commission (FTC) on Monday, July 22, 2019 due to the massive data breach affecting 143 million consumers in September 2017 which includes up to $425 million in individual compensation if approved in federal court scheduled on December 19.

Due to such a large data leak of consumer’s personal information most claimants should qualify for at least the minimum $125 settlement, but it also signals long-term risks for identity theft which can be problematic in the future if the minimum settlement is accepted.

It is important to note that the $125 Alternative Reimbursement Compensation may be reduced by the number of valid claims filed by Equifax customers as benefits will be disbursed on a proportional basis.  See the Equifax Data Breach Settlement website for further information.
Settlement options available to claimants are provided below.

How to file a claim for the Equifax Data Breach Settlement
To verify if your credit information was compromised by the Equifax data breach, visit the Equifax Data Breach Settlement website.

There are three options available to you in the settlement:

Option #1: 10 years of credit monitoring
                    services.

• Four (4) years of credit monitoring serviced through Experian, of all three credit bureaus (Equifax, Experian, and Trans Union); and, an additional six (6) years of credit monitoring of your Equifax report only.

• Cash payment of up to $125 by check or debit card if you already have credit monitoring that will continue at least six (6) months from the date of claim.

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Option #2: Cash payment of up to $20,000 for:

• Up to 20 hours of time spent remedying fraud, identity theft, or other misuse of personal information, purchasing credit monitoring, or freezing credit reports caused by the data breach, compensated at $25/hr.
• Expenses incurred due to the data breach (out-of-pocket losses).
• Up to 25% of the cost of Equifax credit or credit monitoring products purchased one (1) year prior to the data breach announcement. 

​Option #3: You are entitled to a minimum of seven (7) years of free identity restoration services after the settlement becomes final on December 19 even if you do not file a claim if it is confirmed that your credit data was compromised in the breach.  Contact the Federal Trade Commission (FTC) settlement administrator for additional help.

Consumers who fail to file a claim will forfeit all benefits provided under the final settlement agreement once approved in federal court.

How to opt-out of the Equifax data breach settlement
Consumers may choose to opt-out of the Equifax class action lawsuit settlement if they find that their data was compromised in the breach and can prove losses above the $125 settlement offer.

The opt-out option does not forfeit your rights to claim damages against Equifax and claimants can still file a separate lawsuit against the company.

Claimants with losses above the $125 settlement agreement due to an Equifax-related identity theft or fraud are eligible for damages of $25 per hour spent in identity restoration activities up to a maximum of $20,000.

Seek additional legal advice from an attorney for damages in excess of $20,000.

Claimants wanting to opt-out of the class action settlement offer of $125 in lieu of filing a separate lawsuit must submit a “request for exclusion” in writing by November 19.

​Consumers who fail to file a claim for the Equifax data breach class action settlement forfeit all rights to future claims for damages.
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Important deadlines to remember

Option	Description	Deadline
Opt-out option	​The deadline for filing a “request for exclusion” to opt-out of the $125 Alternative Reimbursement Compensation or settlement benefits.	November 19
File a claim for compensation in the settlement agreement ​	​The deadline for filing a claim for the $125 Alternative Reimbursement Compensation, credit monitoring benefits, or losses in time and expenses through the Equifax Data Breach Settlement website.	January 22, 2020
File a claim for additional out-of-pocket losses or time spent	​The deadline for filing a claim for future losses in time and expenses to remedy the effects of the data breach.	January 22, 2024

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