Millions Could Receive up to $280 in Equifax Credit Score Settlement, but a Deadline Is Approaching

Millions of Americans whose credit scores were improperly altered in a 2022 Equifax glitch could receive payments of between $95 (approximately £71) and $280 (approximately £209) from a proposed $100 million (approximately £74.7 million) settlement, but claims must be submitted by 28 December 2026.

The proposed $100 million agreement addresses allegations that the US credit reporting agency supplied inaccurate consumer information to lenders and other businesses.

The lawsuit stems from a coding issue that affected some credit scores and credit attributes between 17 March and 8 April 2022.

Plaintiffs alleged that Equifax's reporting practices violated the federal Fair Credit Reporting Act, potentially affecting consumers applying for loans, insurance and other services. Equifax disputes the allegations.

Equifax has denied wrongdoing but agreed to settle the litigation. The proposed agreement received preliminary court approval, although payments remain subject to final approval.

According to the official settlement administrator, eligible consumers could receive approximately $95 (around £71) to $280 (around £209). The actual payment could be higher or lower, depending on the number of valid claims submitted.

Who May Qualify for the Equifax Credit Score Payout?

The settlement covers individuals in the United States whose credit scores or credit attributes were affected by a coding issue between 17 March and 8 April 2022.

Eligibility is limited to people whose credit scores or credit attributes differed because of the coding issue and whose affected information Equifax reported to a third party in a transaction identified by the company's analysis.

The distinction matters because the lawsuit concerns information supplied to businesses making financial decisions, rather than every error appearing on a consumer's credit report.

According to the settlement documents, affected consumers may have received inaccurate information when applying for loans, insurance or services requiring credit checks.

A notice sent by email or post indicates that Equifax's records identify the recipient as belonging to the settlement class. Those notices provide information needed to submit a claim.

The case also raises questions about the financial consequences of inaccurate credit reporting. Lenders and insurers use credit information when assessing applications, making accuracy particularly important for consumers seeking financial products.

However, the settlement does not establish that every affected consumer suffered financial losses or was denied credit.

Why You Might Not Get the Full $280

The proposed agreement establishes a $100 million (approximately £74.7 million) fund to resolve the disputed claims without proceeding through further litigation.

If the settlement receives final approval and becomes effective, eligible class members who submit valid, timely claims will receive equal pro rata shares of the fund remaining after court-approved legal fees, expenses and administration costs.

Plaintiffs estimate individual payments of approximately $95 (around £71) to $280 (around £209), although these figures are not guaranteed.

The amount ultimately depends on participation. More successful claims would mean the available money must be divided among more recipients.

Equifax has maintained that it did not violate the law. The settlement documents describe the agreement as 'a compromise of disputed claims,' rather than an admission of liability.

The court has not determined which side was correct.

That distinction is important for consumers interpreting the agreement. A proposed settlement can provide compensation without establishing that the defendant committed the alleged misconduct.

How To Claim Before the 2026 Deadline

Eligible consumers must submit a valid claim by 28 December 2026 to receive compensation. Claims can be filed through the official Equifax settlement website, which directs applicants to the administrator's online portal.

Alternatively, consumers can download a paper form and send it to the settlement administrator. Postal claims must be postmarked by the same December deadline.

Claimants are not generally required to provide separate evidence of financial losses. However, they must complete the required claim form and follow the instructions provided by the settlement administrator.

Consumers who wish to object to the settlement or exclude themselves must act by 27 November 2026. Those who object may still submit a claim, while those who opt out will not receive settlement money but retain the right to pursue an individual lawsuit concerning the coding issue.

Those who neither opt out nor file a claim will receive no compensation. They will nevertheless be bound by the settlement if it receives final approval.

A final approval hearing is scheduled for 22 January 2027 in the US District Court for the Northern District of Georgia.

Payments cannot be distributed until the agreement becomes final and effective. The court must first consider whether the proposed settlement should receive approval, and any appeals could affect the timetable.

No definite payment distribution date has been announced.