EAST PROVIDENCE, R.I. (WPRI) — Consumers whose information was compromised in the 2017 Equifax data breach can begin filing claims to recover losses.
The Federal Trade Commission (FTC) announced Monday Equifax will spend between $575 million and $700 million to settle claims that it failed to protect the personal information of 147 million consumers.
In 2017, the company acknowledged the massive breach, which exposed information including names, dates of birth, Social Security numbers, and addresses.
Consumers are eligible to receive up to $20,000 for losses resulting from the breach. Those who were affected but didn’t suffer any losses can receive free credit monitoring services or a $125 payment if they already have credit monitoring.
Beginning in January 2020, Equifax will also provide all U.S. consumers with six free credit reports each year for seven years.
In a statement Monday, Equifax CEO Mark Begor said the settlement is a positive step for consumers.
The deadline to file a claim is Jan. 22, 2020. Consumers can also opt-out of the settlement.