Two years after announcing a data breach affecting more than 147 million people, Equifax said it will pay up to $600 million to settle with the U.S. and states.
The Associated Press said the settlement with the U.S. Consumer Financial Protection Bureau and the Federal Trade Commission, as well as 48 states and the District of Columbia and Puerto Rico, would give up to $425 million in relief in consumers, a $100 million civil penalty and other relief.
The settlement is the largest ever for a data breach, CBS News said.
But, what does all that mean for consumers affected by the data breach?
Consumers could be eligible to claim as much as $20,000 in cash payments, according to the FTC.
According to the FTC, these are the benefits available to those who may be affected by the Equifax data breach:
- Free credit monitoring or a $125 cash payment: You can get up to 10 years of free credit monitoring at all three credit bureaus (Equifax, Experian and TransUnion). If you decide not to enroll in the credit monitoring, you could be eligible for $125 in cash.
- Reimbursements for your time and other cash payments: You could be eligible for the time you spent protecting your identity or recovering from identity theft, up to 20 hours at $25 per hour. You could be reimbursed for the money spent protecting your identity, recovering from identity theft and the cost of unauthorized charges to your accounts.
- Free identity restoration services: Consumers are eligible for free identity restoration services for at least 7 years. It can be used if someone steals your identity or you experience fraud.
The FTC said the claims process will start after court approval. Those affected by the data breach may also get an email notification after the court approves the settlement.
Learn more about the settlement and how it affects consumers here.
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