Equifax agreed in August to pay $100 million to settle a class-action lawsuit over a coding error that sent inaccurate credit information to lenders and businesses for about 4 million consumers in 2022. The error allegedly lowered some consumers' credit scores by more than 20 points, potentially leading to loan denials or higher interest rates. Equifax denied the allegations and any violation of the Fair Credit Reporting Act while agreeing to the settlement, which an attorney representing consumers called the largest ever related to that federal law.
You may qualify if Equifax reported inaccurate credit information about you to a third party because of the coding error between March 17 and April 8, 2022. Eligible consumers should have received notice by email or mail. If you think you qualify but haven't received a notice, check your spam folder and visit the official settlement website.
Valid claimants are estimated to receive between $95 and $280. The final amount depends on how many valid claims are filed and how much of the $100 million remains after court-approved attorneys' fees, administrative costs and other settlement expenses.
You can submit a claim online or download a paper form and mail it to the settlement administrator. Claims must be submitted online or postmarked by December 28, 2026. If you opt out by November 27, 2026, you give up any settlement payment but preserve the right to sue Equifax separately. If you do nothing, you won't receive a payment, but you'll still be bound by the settlement terms if it receives final approval.
The court will hold a final approval hearing on January 22, 2027. Payments won't be distributed until the settlement receives final court approval.