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Equifax $100M Settlement: Could You Get Paid?
3 Oct
Summary
- Equifax faces a $100 million settlement for reporting incorrect credit scores.
- Approximately 4 million Americans may be eligible for payments.
- Claim deadline is December 28 for potential payments between $95-$280.
Equifax is offering a $100 million settlement to resolve a class-action lawsuit concerning a coding error that led to inaccurate credit score reporting. The lawsuit alleges that between March 17, 2022, and April 8, 2022, Equifax misreported lowered credit scores for approximately 4 million Americans. This error may have impacted their ability to obtain loans or led to higher interest rates.
Individuals who had their credit scores or attributes incorrectly reported by Equifax during the specified period are potentially eligible for a payment. These payments are estimated to range from $95 to $280. To receive a payment, claimants must submit a claim by December 28.
Equifax has agreed to the settlement to avoid further litigation expenses, while maintaining that it did not violate any laws. The court has not ruled on the merits of the claims. A final fairness hearing for the proposed settlement is scheduled for January 22, 2027.
