Equifax Agrees to $2.2 Million Settlement Over Debt Reporting

Equifax agreed to a $2.2 million settlement to resolve a 2022 class action lawsuit alleging the company violated the Fair Credit Reporting Act. The lawsuit claimed the credit reporting agency incorrectly posted duplicate versions of negative debts on credit reports, which potentially harmed the credit scores of affected consumers.

Approximately 37,000 customers who had duplicate debts listed between August and September 2022 are eligible for the settlement. Eligible claimants can receive a cash payment of up to $600, depending on the total number of claims filed, provided they submit applications by September 1. Impacted customers will also receive six months of the Equifax Complete credit monitoring service.

Equifax denied the claims as part of the settlement agreement. A final approval hearing is scheduled for October 6, with payments expected to follow the resolution of any subsequent appeals.