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2020 Update-Equifax Settles For $380.5M in Class-Action Lawsuit

Deadline to claim benefits is January 22, 2020

This week Georgia Federal courts ruled that Equifax will pay $380.5 million to settle lawsuits regarding the 2017 data breach. Equifax also may be required to pay out an additional $125 million "if needed to satisfy claims for certain out of pocket losses."

The $380.5 million will be placed into a fund for consumers that are part of the class action lawsuit. The settlement will cover attorney fees, losses, expenses and administrative cost.

Other Penalties

Equifax will also be required to shell out atleast $1 Billion for cyber security. Also $175 million paid to 48 states and $100 million in civil penalties to the Consumer Financial Protection Bureau. $1.4 Billion also will be paid for litigation expenses and $77.5 million as percentage based fee according to Bloomberg.

Claim Deadline

Next week January 22, 2020 is the deadline to file your claim. Consumers can signup for 10 years of free credit monitoring or apply for a cash payout. Certain consumers who are eligible can receive up $20,000 to cover "Serious repercussions from the breach."

If you have questions about the Equifax breach or just questions about your credit report, schedule a FREE consultation today with a credit consultant at Valiant Credit Repair Services. Click Book My Free Consultation or Call us at 866-373-1377


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