Equifax data breach settlement amount10/31/2023 ![]() But if two million people claim the cash, each payout would be just $15.50. For more information, you may contact the Settlement Administrator by email at, by phone toll-free by calling 1-83, or by mailing a letter to: Equifax Data Breach Settlement Administrator. That means no more than 248,000 people would be able to claim a cash settlement and still wind up with $125 each. ![]() But there’s a fixed amount set aside for this part of the settlement-a mere $31 million total was meant to be divided among claimants. According to the agency, millions of people have visited their page about the settlement in just the week since the claims portal went up. The problem, the FTC spells out, is simply that too many people have already chosen the cash. you will be disappointed with the amount you receive,” and that “the free credit monitoring provides a much better value.” ![]() The FTC goes on the explain that, while “you can still choose the cash option. If the Consumer Restitution Fund is used up, Equifax will pay up to an additional 125,000,000 to pay Out-of-Pocket Losses. But, as consumers quickly realized, the settlement payments are way less than the expected 125 per consumer. And per 6 on the Equifax breach settlement claim site: 'Equifax will pay at least 380,500,000 into a Consumer Restitution Fund. But the FTC’s information page about the settlement now emphasizes that all victims should take the offer of up to 10 years of free credit monitoring instead. Equifax started sending out payments to people affected by its massive 2017 data breach. Equifax struck a settlement of up to 700 million to resolve investigations and lawsuits stemming from its 2017 data breach that exposed the personal data of nearly 150 million Americans. The settlement has been widely trumpeted as offering a $125 cash payout to victims of the September 2017 hack who already have credit monitoring service. Instead of requesting a cash payout, the FTC is now encouraging claimants to choose free credit monitoring services, in exchange for joining the settlement and dropping their legal claims against Equifax.
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