The Equifax Data Breach Settlement appeal was resolved, and the settlement administrator has started to send the additional payments under the extended claim period. The defendant has agreed to settle the class action with the FTC (Federal Trade Commission), 50 US states and territories, and the CFPB (Consumer Financial Protection Bureau).
Under this settlement, Equifax will agree to pay $380,500,000 to compensate the consumers affected due to the data breach. The settlement administrator has kept two payment modes for the class members—checks and prepaid cards.
The administrator has started to send prepaid cards with additional payments to people who received the payment earlier in November 2024. The class members who have filed the claim and selected a prepaid card as the payment option can redeem their card and use it.
| Settlement | Equifax Data Breach settlement |
| Settlement Fund | $389,500,000 for consumers |
| Who qualifies? | You are one of the 147 million Americans impacted by the Equifax data breach |
| Payment Mode | Check and Prepaid Card |
| Payment | Up to $125 (depending on the claim) |
| Other Benefit | Identity restoration Service for up to 7 years and Credit monitoring services for up to 6 to 4 years |
| Official Settlement Website | https://www.equifaxbreachsettlement.com/ |
How to activate?
The Equifax data breach settlement class members who have filed the claim form to receive the compensation for the extended claim period have received the payout as per their claim approval from the settlement administrator. To redeem the payout, claims made selecting a prepaid card as the payment method must activate the card.
The administration began issuing the prepaid cards in November 2024 last year. The class members can activate the prepaid card in the following steps:
- You can visit the official website of the Equifax settlement mentioned above.
- Next, go to the “I would Like to” tab on the homepage and click it.
- Next, click the “Activate My Pre-Paid Card “option in the tab.
- Next, click the link to redeem your Pre-Paid card via your card servicer.
- Next, enter the redemption code that you may have received in your email sent by the settlement.
- Once you enter your code, click the Redeem Code option.
- Your Equifax settlement pre-paid card will be activated.
Important note: If you have already redeemed your pre-paid card, you can click the Click Here option on the Redeem your Code page to have a link to your virtual pre-paid card. If you have any queries related to the Equifax settlement prepaid card, you can reach out to the Card servicer through a toll-free number at 1-833-678-6289.
How to use it?
The Equifax settlement class members who have selected to receive the compensation via pre-paid card can use it like any other debit card. The claimants can use it for online shopping, in-person purchases at stores or merchants, ATM withdrawals, or others.
Once you activate or redeem your virtual prepaid card, you will get the link to the virtual prepaid card with the payout as per your claim, and use it as per your wish. The email from the settlement administrator sent to you when they were processing the payment via prepaid card, they have sent the instructions to redeem the card and the use of the card.
The Equifax Prepaid card will not expire, but after six months without any activity, the cards may be charged with inactivity fees, hence, the class members are advised to use the prepaid cards before the six-month period ends from the issuance of the card, that is, May 2025.
Settlement Payout
According to the settlement agreement, the class members can receive the following payout from the Equifax settlement based on their claim:
- $125 Payout: If class members seek and get free credit monitoring services, they are eligible for a $125 cash settlement.
- Cash Reimbursement: The class members can get the monetary benefit under the following claim:
- Time spent Awards: The class members can get the award for the time they spent dealing with or recovering from the identity theft or fraud of the Equifax data breach. Under this benefit, the claimants can get $25 for each hour up to a total of 10 hours or 20 hours (if they have the proper documents).
- 25% of Credit Monitoring Subscriptions: If you have subscribed for the Equifax credit monitoring services between 07 Sep 2016 and 09 July 2017, you will receive 25% of the amount you paid for the services.
- Money spent: If you have incurred expenses related to the Equifax data breach information leak or dealing with it, you may be eligible for compensation from the settlement fund up to $20,000 when you have proof of your expenses.
Other Settlement Benefit
Under the Equifax data breach settlement, the US consumers affected by the data breach will get identity restoration services for a minimum of seven years once the settlement is finalized. The consumers who were affected by the data breach and whose personal information was misused can get free identity restoration even without claiming the other benefits.
Consumers who are sure of being affected by the breach can access all US-based call centers for identity restoration. The class members were also eligible to enroll in the 4-year, three-bureau credit monitoring services of Experian to get proper protection from future identity theft and scams.