Millions of Americans could be eligible for a payment from a proposed $100 million Equifax settlement over inaccurate credit scores reported in 2022. Eligible consumers must submit a claim before the deadline to receive a share of the settlement.
What Happened With Equifax Credit Scores?
The lawsuit alleges that a coding error in Equifax’s computer systems caused inaccurate credit information to be reported to lenders and other businesses.
Between March 17 and April 6, 2022, the error allegedly affected around 4 million consumers who applied for mortgages, auto loans or credit cards.
In some cases, the lawsuit alleges that credit scores were reduced by more than 20 points. The plaintiffs said the inaccurate information could have resulted in loan applications being rejected or consumers being charged higher interest rates.
Equifax has denied wrongdoing and has not admitted violating the Fair Credit Reporting Act. The proposed settlement is intended to resolve the case without further litigation.
Who Could Be Eligible?
An estimated 4 million Americans could qualify if Equifax incorrectly reported their credit score or another credit attribute because of the alleged computer error during the relevant period.
The proposed settlement covers people affected between March 17 and April 6, 2022, according to the settlement information.
Potential class members were sent notices by email or post. Anyone who believes they may qualify but did not receive a notice can check the settlement website or contact the settlement administrator.
How Much Could Consumers Receive?
The proposed settlement estimates individual payments of between $95 and $280. The actual amount could be higher or lower depending on the number of valid claims and other factors.
The $100 million settlement would be divided among eligible claimants after applicable costs and other deductions.
How To Submit A Claim
Eligible consumers must submit a claim by December 28, 2026. Claims can be filed online through the official Equifax FCRA Litigation settlement website.
A paper claim form can also be downloaded and mailed to:
Equifax FCRA Litigation
P.O. Box 301132
Los Angeles, CA 90030-1132
People who believe they are part of the settlement class can also use the settlement website to find information about opting out.
Settlement Has Not Yet Received Final Approval
The settlement remains subject to court approval. A final fairness hearing is scheduled for January 22, 2027, when the court will consider whether the proposed agreement should receive final approval.
The court has not ruled that Equifax was responsible for the alleged violations. The settlement represents an agreement between the parties to resolve disputed claims and avoid the cost and uncertainty of further litigation.
Consumers who believe they may qualify should check the official settlement information and submit a claim before the December 28 deadline.
