Equifax Statement on Court Appointed Third Party Settlement Administrator Distri ...

A court-appointed third-party settlement administrator is making final payments to U.S. consumers who filed claims in the Equifax Data Breach Settlement.

Payments are being made between November 7, 2024 and December 20, 2024 and include an additional payment to U.S. claimants who initially selected alternate compensation as well as to U.S. claimants who filed during the Extended Claims Period, the period between January 23, 2020 and January 22, 2024 where claimants could file for reimbursement of out-of-pocket losses or time spent.

These additional consumer payments are being made in accordance with settlement agreement terms, ensuring that the total amount from the restitution fund that was allocated to alternative compensation cash benefit payments as well as for out-of-pocket losses and/or time spent, approximately $70 million, is distributed completely to eligible claimants.

These final payments are being drawn from the restitution fund of up to $425M 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 seven years, few companies have invested more time and resources than Equifax to ensure that consumers' information is protected, as evidenced by the company's more than $1.5+ billion security and technology transformation. Additionally, 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 the Equifax industry-leading cybersecurity program can be found here.