Thousands of consumers could be eligible for a payment from a $2.2 million class action settlement involving credit reporting company Equifax after a lawsuit alleged duplicate collection accounts appeared on some consumers' credit reports.
The proposed settlement resolves claims that Equifax violated the federal Fair Credit Reporting Act by reporting the same collection account more than once on certain consumer credit reports in 2022. The duplicate reporting allegedly lowered some consumers' credit scores and, in some cases, affected their ability to obtain credit.
Equifax denies any wrongdoing or violation of the law, and the court has not determined who is right. The company agreed to settle the lawsuit to avoid the expense and uncertainty
of continued litigation.
An estimated 37,000 consumers are part of the settlement class. Eligible class members who were notified by Equifax may qualify for cash payments and complimentary credit monitoring if the settlement receives final approval.
Here's what to know about the proposed Equifax settlement, including who may qualify for a payment, how much eligible consumers could receive and key deadlines.
What is the Equifax settlement about?
The lawsuit was filed in federal court in Georgia by plaintiff Charmayne Bradberry, who alleged Equifax reported the same collection account multiple times on her credit report.
According to the complaint, Bradberry discovered in 2022 that a $305 collection account appeared more than once on her Equifax credit report. She alleged the duplicate reporting caused her credit scores to drop significantly and contributed to the denial of a mortgage application. The lawsuit contends Equifax failed to follow reasonable procedures to ensure maximum possible accuracy, as required by the Fair Credit Reporting Act. Equifax denied the allegations.
Who qualifies for a payment?
Consumers may be eligible if they received a notice from Equifax because company records indicate they were part of the affected group.
According to the settlement, eligible consumers had a duplicate collection account appear on their Equifax consumer report when their credit report was requested during the period at issue in August and September 2022. Notices were mailed or emailed to affected consumers, and claimants must use the Notice ID, which begins with "EQB," and the PIN included in that notice to submit a claim.
If you qualify how much money can you expect to get?
Consumers who submit valid claims affirming they were harmed by the duplicate reporting are expected to receive up to $600, although the final amount will depend on the number of approved claims.
All settlement class members will also receive six months of Equifax Complete credit monitoring, including credit alerts and up to $500,000 in identity theft insurance coverage, without filing a claim. Equifax also agreed to continue measures designed to prevent duplicate collection accounts from appearing on consumer reports and to remove any remaining duplicate accounts tied to the issue.
How can you file a claim?
Claims must be submitted through the official settlement website using the Notice ID and PIN from the settlement notice. Consumers may also print and mail a claim form.
The deadline to submit a claim is Sept. 1, 2026. A final approval hearing is scheduled for Oct. 6, 2026, and payments will be distributed only if the settlement receives final approval and any appeals are resolved.
Reporter Anthony Thompson can be reached at ajthompson@usatodayco.com, or on X @athompsonUSAT
This article originally appeared on USA TODAY: You could be owed money in Equifax's $2.2M settlement
