Equifax Announces Details About Proposed Data Breach Settlement
As previously announced, Equifax Inc. has reached a comprehensive resolution of U.S. consumer-related litigation and state and federal regulatory matters related to the company’s 2017 data breach. If a U.S. consumer’s personal information was impacted in the Equifax data breach announced on September 7, 2017, they are a class member and eligible for benefits from the settlement after it becomes final.
Under the terms of the consumer class action settlement, Equifax has agreed to do the following: (1) pay $380.5 million into a fund to pay benefits to consumers, court-approved fees and costs of class counsel and service awards to the named class representatives, and other expenses; (2) implement and maintain certain data security enhancements; (3) if necessary, pay up to $125 million more to reimburse consumers for out-of-pocket losses resulting from the data breach; and (4) provide certain other relief.
Under the proposed settlement, class members are eligible for one or more of the following benefits: (1) free credit monitoring or up to a $125 cash payment if they already have credit monitoring services that will continue for at least six (6) more months; (2) up to $20,000 in other cash payments for time and money spent preventing or recovering from identity theft because of the data breach; and (3) free identity restoration services provided by Experian to help remedy the effects of identity theft and fraud.
The free credit monitoring includes credit monitoring services provided by Experian for at least four years with the following features: three-bureau credit monitoring providing notices of changes to the class member’s credit report at all three national credit bureaus, free copies of a class member’s Experian credit report, updated on a monthly basis, and up to one million dollars ($1,000,000) in identity theft insurance. Class members can also get up to six more years of free one-bureau credit monitoring through Equifax.
These benefits will not be available until the settlement becomes final, but consumers can submit a claim now. For more information about the settlement, to check eligibility for benefits, and to submit a claim, consumers can visit the settlement administrator’s website: www.equifaxbreachsettlement.com, or call the settlement administrator at 1-833-759-2982.
ABOUT EQUIFAX INC.
Equifax is a global data, analytics, and technology company and believes knowledge drives progress. The Company blends unique data, analytics, and technology with a passion for serving customers globally, to create insights that power decisions to move people forward. Headquartered in Atlanta, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor’s (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 11,000 employees worldwide. For more information, visit Equifax.com and follow the company’s news on Twitter and LinkedIn.