Credit reporting firm Equifax has agreed to pay up to $700 million as part of a massive settlement related to a 2017 data breach that potentially exposed information on some 147 million people.

The breach exposed names, dates of birth, Social Security numbers, drivers license numbers, physical addresses, passport data and other personal information.

The settlement, announced Monday by the Federal Trade Commission, must still be approved by the federal district court in the Northern District of Georgia. If that occurs, Atlanta-based Equifax will pay up to $425 million to a fund that will provide credit monitoring to affected people and compensate consumers who purchased credit or identity monitoring services as a result of the breach. The company also agreed to provide all U.S. consumers with six free credit reports each year for seven years.

Victims of the breach will be eligible for up to 10 years of credit monitoring services for free and seven years of identity-restoration services. Consumers who opt not to sign up for free credit monitoring through Equifax can receive up to $125 as reimbursement to pay for their own services.

There’s more for consumers. Equifax will pay up to $20,000 to compensate for document breach-related expenses, including time victims spent dealing with fraud or theft fallout and out-of-pocket costs, the FTC said.

What you need to know:

What the settlement includes:

Up to 10 years of free credit monitoring or $125 if you decide not to enroll because you already have credit monitoring. The free credit monitoring includes:

At least four years of free credit monitoring of your credit report at all three credit bureaus (Equifax, Experian, and TransUnion) and $1 million of identity theft insurance.

Up to six more years of free credit monitoring of your Equifax credit report.

If you were a minor in May 2017, you are eligible for a total of 18 years of free credit monitoring.

Cash payments

Cash payments will be capped at $20,000 per person for expenses you paid as a result of the breach, including:

Losses from unauthorized charges to your accounts

The cost of freezing or unfreezing your credit report

The cost of credit monitoring

Fees you paid to professionals like an accountant or attorney

Other expenses like notary fees, document shipping fees and postage, mileage, and phone charges

For the time you spent dealing with the breach. You can be compensated $25 per hour up to 20 hours.

For the cost of Equifax credit monitoring and related services you had between September 7, 2016, and September 7, 2017, capped at 25 percent of the total amount you paid.

How do I know if I’m eligible?

The claims site will have a tool to let you check. Sign up for an FTC email update to find out when that tool is up and running.

What should I do now?

Save any documents you have related to your efforts to avoid or recover from identity theft after the 2017 Equifax data breach. Sign up to get email updates about the settlement.

When will the claims process start? When will benefits be paid?

The claims process will start after court approval. Benefits won’t be paid until the initial claim period deadline has passed.

How would I receive my benefits?

An activation code for free credit monitoring will be sent to those who qualify. You can receive your code by email or mail. Cash payments will be made via check or debit card sent to your mailing address.

Al.com / GNN