Equifax Settlement Offers Up to $600 to Affected Consumers
Equifax is facing a $2.2 million settlement stemming from a class-action lawsuit, Bradberry v. Equifax Information Services LLC., which accused the credit reporting agency of wrongfully reporting duplicate negative accounts. This practice allegedly inflated collection balances, violating the Fair Credit Reporting Act, which mandates that credit reporting companies maintain accurate information.
Individuals affected by this reporting error, specifically those who received a Duplicate Reporting Letter between August and September 2022, may be eligible for compensation. Approximately 37,000 consumers are expected to qualify for the settlement. To claim their share, eligible individuals must visit the Equifax duplicate-account settlement website and register using the Notice ID and PIN provided in the letter. Alternatively, a paper claim form can be downloaded and mailed. Payments can be received through various methods, including PayPal, Venmo, Zelle, a virtual prepaid card, or check.
The deadline for submitting claims is September 1, 2026. To qualify for payment, claimants must demonstrate that Equifax sent a credit report to a third party that displayed a duplicate collection amount or that the duplicate account contributed to a denial of credit. A final approval hearing for the case is scheduled for October 6, 2026, and payments will only be disbursed after the court grants final approval and resolves any appeals.
Claimants can receive up to $600, although the actual payout will depend on the number of valid claims submitted and the remaining funds after administrative costs are deducted. In addition to potential monetary compensation, all affected individuals will receive six months of Equifax Complete credit monitoring, which includes monitoring of credit reports and scores, alerts, and up to $500,000 in identity theft expense coverage. While consumers cannot prevent data breaches or credit reporting errors, utilizing identity theft monitoring services can help them respond swiftly if their accounts or identities are compromised.
