What Does the Equifax Settlement Mean for its Data Breach Victims?

In 2017, criminals accessed Equifax’s database of consumers exposing the personal identifying information (PII) of over 148 million Americans. Equifax, one of the three main credit reporting agencies (CRAs), noted that Social Security numbers, addresses, birth dates and credit card information were all a part of the information exposed. This data breach created an increased risk of identity theft for millions of Americans. Over two years after the breach was reported, a settlement was reached.

The Equifax settlement agreed to pay up to $700 million for harms caused by the data breach – the largest monetary settlement in data breach history. In the settlement, filed on July 22, 2019, Equifax agreed to spend up to $425 million to help the victims of its 2017 data breach. An additional $275 million was spent on civil penalties. Also included in the Equifax settlement was the requirement to update security protocol and increase measures to protect consumer information.

Equifax should have notified you directly via mail if your information was exposed in the data breach. As part of the Equifax settlement, a breach claim site also has a tool for consumers to check if their information was exposed. If you were affected by the breach, the Equifax settlement offers certain benefits to minimize your risk of identity theft.

Latest Information on the Settlement

In early 2022, the settlement administrator sent emails and letters to everyone who filed valid claims requesting free credit monitoring services from the settlement. The emails and letters contained an Activation Code for free membership in Experian IdentityWorks℠ for four years. The Activation Code must be used by June 27, 2022.

As part of the terms of the Extended Claims Period, victims may seek reimbursement for valid, eligible out-of-pocket losses or time spent between January 23, 2020, and January 22, 2024. Visit https://www.equifaxbreachsettlement.com/file-a-claim for more details.

Stay up-to-date on Equifax settlement alerts. The Federal Trade Commission is regularly updating information as it becomes available at www.ftc.gov/Equifax.

Beyond the financial impacts of the breach, nearly 90 percent of respondents said they experienced adverse feelings or emotions within one year of the initial event, as reported in The Aftermath: Equifax One Year Later study by Identity Theft Resource Center (ITRC).

Steps to Reduce Your Risk

Being a victim of the Equifax data breach does not automatically make you a victim of identity theft. However, it does greatly increase your risk. There are some steps the ITRC recommends that can reduce your risk of identity theft. You can also call to speak with one of our expert advisors at no-cost at 888.400.5530 or live-chat to learn more about your risk and preventative measures. Just visit www.idtheftcenter.org to get started.

This blog was published on 7/22/19 and was updated on 6/6/22