FTC outlines how to claim compensation for Equifax data breach

July 24 (UPI) -- The Federal Trade Commission on Wednesday announced how customers affected by the 2017 Equifax data breach can receive compensation as a result of the agency's settlement.

The settlement between the agency, the FTC, the Consumer Financial Protection Bureau and 50 U.S. states and territories provides $425 million dollars to the nearly 150 million people affected by the breach.

Equifax customers affected by the breach can file a claim online to receive a selection of services and compensation from the company, including cash payments of up to $20,000.

The company is offering compensation of $25 per hour for up to 20 hours of time that customers spent dealing with the effects of the breach. Customers claiming 10 hours or less will be required to describe the actions taken and time spent, while those claiming 10 hours or more must also provide documents showing identity theft, fraud or other misuses of information.

Affected customers can also file to receive up to 10 years of free credit monitoring or $125 for those who choose not to enroll because they have credit monitoring through another service.

Additionally, Equifax is offering those who do not file a claim free identity restoration services for seven years and free credit reports for all U.S. consumers beginning in 2020.

On Monday, the FTC announced the settlement in which Equifax will pay $175 million to 48 states, the District of Columbia and Puerto Rico, as well as $100 million in civil penalties in addition to the money used to help victims of the breach recover.