Some of that money, perhaps a great deal of it, could end up in your pocket.
The breach was one of the largest ever, threatening the private information on nearly 150 million consumers.
More than half of the settlement, as much as $425 million, has been set to pay consumers for their loss, work and expenses.
"Americans have a right to have confidence that their personal, confidential information will be protected by those who compel us to release it to them. That's why we're holding Equifax accountable today," said California Attorney General, Xavier Becerra.
What was stolen during the breach? Some of the data includes:
- Social Security numbers
- Birth dates
- Driver license numbers
- Credit card numbers
- Passport photos
- How much consumers owe on their homes
- Any court judgments against them
Consumers can get up to $20,000 in reimbursements for losses from unauthorized charges to affected accounts, legal fees, credit-monitoring or identity-theft-protection services, and expenses related to freezing or unfreezing credit reports.
On top of that, consumers are also allowed to bill for the time they spent dealing with the breach at $25 per hour, for up to 20 hours as compensation.
Credit reports are used by lenders to decide if you can get a loan and employers to decide if you will get a job.
The courts must still give final approval, so there is no way to file a claim until that is done.
Take a look at more stories and videos by Michael Finney and 7 On Your Side.