WASHINGTON - Customers of Equifax who suffered damaged by a data breach at the credit monitoring company will be able to collect up to $20,000 under a settlement announced Monday by the Federal Trade Commission.

According to the FTC, Equifax has agreed to make $425 million available to some of the 147 million people who were impacted by the breach.

At least $7.15 million will go to Ohio and $7.3 million for Pennsylvania according to Attorneys General from both states.

On Sept. 7, 2017, Equifax, one of the largest consumer reporting agencies in the world, announced a data breach affecting nearly half of the U.S. population, according to the Ohio Attorney General. Breached information included Social Security numbers, names, dates of birth, addresses, and, in some cases, credit card and driver’s license numbers.

Shortly after, a 47-state investigation found the breach occurred because Equifax failed to implement an adequate security program to protect consumers’ sensitive personal information.

Despite knowing about a critical vulnerability in its software, the Ohio Attorney General says Equifax failed to patch its systems, allowing outside actors to access the personal information. Additionally, Equifax failed to replace software that monitored the breached network for suspicious activity. As a result, the attack went unnoticed for 76 days.

Under the terms of the settlement, Equifax agreed to provide a single consumer restitution fund of up to $425 million, with $300 million dedicated to consumer redress, and up to an additional $125 million if the $300 million is exhausted.

The restitution fund will be managed in connection with settlements from class-action lawsuits filed against Equifax, as well as settlements reached with the Federal Trade Commission and Consumer Financial Protection Bureau. The company also will offer affected consumers extended credit-monitoring services for at least ten years.

You cannot file a claim yet.

Once the claims process begins, if you were affected by the breach, you can request:

Free Credit Monitoring and Identity Theft Protection Services

  • Up to 10 years of free credit monitoring OR $125 if you decide not to enroll because you already have credit monitoring. The free credit monitoring includes:
  • At least four years of free credit monitoring of your credit report at all three credit bureaus (Equifax, Experian, and TransUnion) and $1,000,000 of identity theft insurance.
  • Up to six more years of free credit monitoring of your Equifax credit report.
  • If you were a minor in May 2017, you are eligible for a total of 18 years of free credit monitoring.

Cash Payments (capped at $20,000 per person)

  • For expenses you paid as a result of the breach, like:
  • Losses from unauthorized charges to your accounts
  • The cost of freezing or unfreezing your credit report
  • The cost of credit monitoring
  • Fees you paid to professionals like an accountant or attorney
  • Other expenses like notary fees, document shipping fees and postage, mileage, and phone charges
  • For the time you spent dealing with the breach. You can be compensated $25 per hour up to 20 hours.
  • For the cost of Equifax credit monitoring and related services you had between September 7, 2016, and September 7, 2017, capped at 25 percent of the total amount you paid.

Free Help Recovering from Identity Theft

  • For at least seven years, you can get free identity restoration services.

Free Credit Reports for All U.S. Consumers

  • Starting in 2020, all U.S. consumers can get six additional free credit reports per year for seven years from the Equifax website.

Consumers who are eligible for restitution will be required to submit claims online or by mail. Paper claims forms can also be requested over the phone. Consumers will be able to obtain information about the settlement, check their eligibility to file a claim, and file a claim on the Equifax Settlement Breach online registry. To receive email updates regarding the launch of this online registry, consumers can sign up at www.ftc.gov/equifax-data-breach. Consumers can also call the settlement administrator at 1-833-759-2982 for more information.