Equifax, the 120-year-old credit reporting agency is in a lot of trouble these days. It operates over in 24 countries and has more than 800 million individual consumers. Back in 2017, Equifax suffered from a huge data breach where private and personal information of the clients was leaked online by some hackers.

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At the start of this week, the court has fined the company for a $700 million settlement, out of which $425 million will be given to the affected people. Here are the different types of compensation and how the affected individual can make a claim for the money.

Equifax Breach Compensation

Equifax Data Breach Settlement

There are millions of people who were affected by the security breach and are eligible for some sort of compensation. Equifax has set up a site where you can claim your compensation, it checks the eligibility criteria at the beginning. If a person passes the criteria, he can have his payment in one of the multiple types provided.

For the first part, Equifax will provide an affected individual 10 years of free credit management or $125. For those who have been seriously affected can, cap applies for a cash payment and get $20,000 in compensation. One must have to submit proof about his account getting frozen and money theft for that. One could also apply for the time lost, at $25 per hour for maximum 20 hours. The deadline to submit a claim is till January 22, 2020 and the payment will start from the day after.

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Future of Equifax Company

Equifax Data Breach Settlement

Even though Equifax has suffered from a huge loss, the company head is acting as everything is fine. The officials are saying that they are not worried about and looking at future development. As per them, things like this are a part of the business.

They have rectified the errors and made their system more secure. Equifax is sure that this kind of thing won’t repeat in the future. They have assured their customers to not worry and everyone will be compensated for their loss.