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Equifax agrees to $30 million settlement over credit inquiry disputes

Those eligible for a cash payout can receive between $100-$400 after filling out and filing the appropriate form. ©Image Credit: Equifax

Equifax is paying a steep price for failing to conduct "reasonable investigations" into various inquiries and disputes. The class action lawsuit has now wrapped up, and Equifax has agreed to a massive $30M settlement payout.

Four lawsuits resolved

This class action settlement wraps up not just one, but four lawsuits brought against Equifax.

All four lawsuits allege that Equifax didn't lawfully conduct "reasonable investigations of credit file inquiry disputes, maintain reasonable procedures for inquiry disputes or remove disputed inquiries from consumers’ credit files."

The lawsuits stated that Equifax obtained consumers' credit reports without any permissible purpose.

You may be eligible

The settlement has preliminary approval from the court, which has also released details about who is eligible for a cash settlement.

You must be a resident of the United States and its territories, and you must have received one of the letters Equifax mailed between Oct. 4, 2016 and March 27, 2026. You would have also needed to use the language or code "not mine" or "unauthorized" in your dispute sent to Equifax.

There's another group of people also eligible. This group consists of those who submitted one or more disputes regarding a hard inquiry between Aug. 31, 2021 and March 27, 2026.

The details about who is covered and the proof needed get pretty in-depth. The court-approved Equifax dispute settlement website says about three million people are eligible for the settlement.

The cash payout differs

If you're eligible for a cash payout, it ranges from $100 to $400. It's mainly based on how many valid claims you have filed.

You can visit the settlement website to learn who qualifies, what to do if you got a settlement notice from Equifax, check your claim status, and print the claim form. Just be sure to file your form online or by mail by Nov. 26, 2026.

Always smart to stay on top of your records

This is a great reminder why it's important to stay on top of your financial records. You never know when your information may be used without your permission, or when you could be eligible for a cash settlement.

Source: Class Action, Equifax dispute settlement website

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