Equifax settlement over data breach: 5 On Your Side tells you what you need to know

The breach exposed information on 147 million American consumers, including their Social Security Numbers, birth dates and home addresses.

Equifax recently agreed to a settlement with the Federal Trade Commission's Consumer Financial Protection Bureau and states across the country.

We now know what it means for Equifax's affected consumers.

Most of us have two options: 10 years of free credit monitoring or a cash payment of $125.

The credit monitoring service will alert consumers if someone checks their credit or opens an account in the consumers' name.

The service includes four years at all three credit bureaus: Equifax, Experian, and TransUnion plus an additional six years of monitoring from Equifax.

As for the $125 payment, the final payout per consumer will depend on how many people file claims: the more claims that are filed, the lower the amount of each cash payment.

This is what happens if you don't claim your $125 Equifax money

Another factor is that some consumers will qualify for larger settlements.

Those who spent time and money as a result of the breach, and can prove it, could receive up to $20,000 in compensation.

All claims must be filed by Jan. 22, and claimants won't see any payments before Jan. 23.