Equifax Statement on Distribution of Benefits by the Court-Appointed Third-Party Settlement Claims Administrator
U.S. consumers who filed claims in the Equifax Data Breach Settlement and qualified for benefits began receiving settlement payments on December 19, 2022 from a court-appointed settlement administrator.
These consumer payments are being drawn from the $425 million restitution fund that was agreed to by the Federal Trade Commission, the Consumer Financial Protection Bureau, 50 U.S. states and territories, the attorneys representing the consumer class action plaintiffs, and Equifax. The restitution fund was created to pay for: three-bureau credit monitoring for U.S. consumers whose information was impacted in the 2017 breach; actual out-of-pocket losses related to the breach; and other consumer benefits such as identity restoration services.
The settlement was reached after a lengthy process, with the interest of consumers independently represented by both the government agencies and attorneys listed above. The parties to the settlement agreed to appoint a third party settlement administrator, which was approved by the federal judge overseeing the settlement, and the actual amounts being received by consumers were determined by the settlement administrator in accordance with the terms of the settlement.
There remains no evidence that the data obtained during the 2017 cyber attack perpetrated by Chinese military-based hackers against Equifax has been sold or used. Over the last five years, few companies have invested more time and resources than Equifax to ensure that consumers’ information is protected, as evidenced by the company’s $1.5 billion security and technology transformation. Our Chief Information Security Officer serves as an advisor on cybersecurity to the Federal Bureau of Investigation at the Bureau’s request. More information on Equifax’s industry-leading cybersecurity program is available here.