Or, if you didn’t want to take advantage of the credit monitoring offers, you could opt for a cash payment of up to $125. In exchange for resolving all outstanding class action claims against it, Equifax in 2019 agreed to a settlement that includes up to $425 million to help people affected by the breach.Īffected consumers were eligible to apply for at least three years of credit monitoring via all three major bureaus simultaneously, including Equifax, Experian and TransUnion. Following a public breach response perhaps best described as a giant dumpster fire, the big-three consumer credit reporting bureau was quickly hit with nearly two dozen class-action lawsuits. In 2017, Equifax disclosed a massive, extended data breach that led to the theft of Social Security Numbers, dates of birth, addresses and other personal information on nearly 150 million people. Mark Warner, D-Va., a member of the Senate Banking Committee, said in a statement that he was happy consumers will be compensated but added, "we need structural reforms and increased oversight of credit reporting agencies in order to make sure that this never happens again." Warner is co-sponsoring legislation that would give the FTC more authority to supervise data security at the credit agencies.One reader’s copy of their Equifax Breach Settlement letter. Justin Brookman, director of privacy and technology policy for Consumer Reports, said the FTC was able to force Equifax to "spend a fair amount of money as far as improving security, paying for credit monitoring, and reimbursing consumers for their expenses." Public Interest Research Group said in a statement.īut others praised the agreement. "The shelf life of financial DNA is forever so this sounds like a sweetheart deal for a company that failed to do its basic job: protect consumer data," the U.S. Some consumer advocates said the proposed settlement didn't go far enough, given the long-term harm the breach inflicted. consumers." Equifax Chief Executive Officer Mark Begor said the $425 million consumer fund "reinforces our commitment to putting consumers first and safeguarding their data - and reflects the seriousness with which we take this matter." In a statement, Equifax called the proposed settlement "a positive step for U.S. The Two-Way Equifax And Wells Fargo Apologize To Congress Lawmakers Not Buying It Those who already have credit monitoring services for at least six months can request a $125 cash payment. Under the settlement, affected consumers will be eligible for free credit monitoring. That's in addition to the free annual credit reports that Equifax, and the two other nationwide credit reporting agencies - Experian and TransUnion - currently provide. consumers with six free credit reports each year for seven years," the FTC said. CFPB Director Kathleen Kraninger said the settlement includes $425 million to cover the "time and money spent to protect themselves from potential threats of identity theft or addressing incidents of identity theft as a result of the breach."Įquifax also agreed to pay $175 million to the states and $100 million to the CFPB in civil penalties.Īnd, starting in January, Equifax "will provide all U.S.
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