Technically, Equifax Has a Loophole to Avoid Payment
Okay, with that done, let’s assume you met the deadline for claims and are waiting for cash payment. When will you be getting your check? Well, no one knows for sure. The payments are only required after all the lawsuits on this particular issue are wrapped up, and claims have been validated by an administrator. A lot of that has already happened, and since Equifax is settling, they can’t appeal the ruling. However, other claimants can appeal the settlements via their own legal channels and have done so – whether they wanted more money, or whatever reason they had, several appeals over the settlement appear active.
Those appeals are a big problem. Equifax can’t make any payments until they are settled, and there’s no timeline set for even beginning to resolve the appeals – appellate courts can be quite busy, and scheduling reviews like this can take time.
How long? Well in the best-case scenario someone organizes all these appeals and gets them withdrawn together or at least fast-tracked at a court, so it’s all resolved in several months to a year. However, if the appeals go forward normally, it could still be years before anyone sees a payment.