Update: Equifax – Are you Eligible to File a Claim?

You may remember the noise surrounding the settlement for $125 per victim promised by Equifax following the massive 2017 data breach. 

Since that news, the filing process has changed. In the beginning of September 2019, Equifax sent an email to those who have already filed the $125 claim based on the grounds that they already are subscribed to a credit monitoring service. Equifax now requires that anyone who has filed a claim will have to prove they actually have credit monitoring in order to receive the promised $125. 

A side note: the email sent by Equifax looks like spam and may be captured in your junk folder, so you may need to search for their correspondence. The legitimate correspondence comes from This email address is being protected from spambots. You need JavaScript enabled to view it. with the title, “Your Equifax Claim: You Must Act by October 15, 2019 or Your Claim for Alternative Compensation Will Be Denied.” 

Equifax is making it more tedious for individuals to claim their settlements with these new requirements. Ultimately, however, completing this additional step may allow you to receive some or all of the promised settlement. 

Moreover, Equifax does not intend to utilize the original $700 million settlement number publicized by the FTC for victim compensation. In fact, less than 5% of that number, or roughly $31 million, will be used for victims filing claims for credit monitoring. This could result in much less than $125 per victim. For example, assuming that all 147 million victims file a credit monitoring claim against Equifax and assuming they are all approved to receiving their promised settlement, Equifax could only pay out a maximum of 21 cents per victim. We will continue to update you as we learn more about this situation. 

In case you missed our initial Feature about the Equifax matter, you could qualify for reimbursement if you have been impacted by the data breach. The initial action steps required are listed below if you choose to pursue filing a claim with Equifax. 

1. Determine if you were affected by the data breach 

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2. If you were impacted, you have the option of filing a claim 

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3. You can select either:

a. Free credit monitoring
    i. Service provided for at least 4 years 
b. Cash Payment
    i. $125 payment 

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4. Cash Payment for Money Spent or Lost
a. If you lost or spent money trying to prevent or recover from fraud or identity theft then you can receive reimbursement for up to $20,000
b. The first 10 hours can be self-reported (and Equifax will reimburse you $25 per hour up to 20 hours). The next 10 permissible hours must be documented

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Key Dates:

- November 19th, 2019 – deadline to opt out in the event you’re pursuing your own legal case against Equifax

- December 19th, 2019 – final case hearing (and it is expected for the case to be approved)

- January 22nd, 2020 – deadline to file your claim

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