Equifax, the world's largest credit reporting agency, has reached a settlement to resolve a lawsuit filed in August 2022. As part of the agreement, the company will pay $100 million to customers impacted by the dispute.
A financial data collection agency is facing a lawsuit after an error in its system led to the dissemination of incorrect credit scores to third parties between March 17, 2022 and April 6, 2022. The agency's mistake is believed to have impacted approximately 4 million individuals, affecting their mortgage, loan, and credit card applications.
A major settlement has been reached in a lawsuit alleging violations of the Fair Credit Reporting Act (FCRA), with the agency agreeing to pay $100 million in compensation.
US customers who received an incorrect credit score or attribute between March 17 and April 8, 2022, are eligible to receive compensation. Those impacted will be notified through email or mail.
A partner at Gibbs Mura, a law firm in Oakland, California, expressed satisfaction with the outcome of a four-year litigation process, stating that credit reporting agencies must be held accountable for their handling of sensitive data that significantly impacts individuals' lives.
Affected customers are eligible to receive compensation, with estimated payouts ranging from $95 to $280 per individual. To initiate the claim process, customers must submit their application by December 28 of this year. Claim forms are available for download on the EquifaxFairCreditReportingSettlement.com website and must be mailed to the designated Contract Administrator at Equifax FCRA Litigation, PO Box 301132, Los Angeles, CA 90030-1132.
