Equifax data breach settlement

Equifax data breach settlement

Equifax Inc. has agreed to sign a settlement with the FTC to pay at least $575 million, and potentially up to $700 million, related to the massive data breach in 2017 that impacted nearly 147 million people.

The global settlement was made with the Federal Trade Commission, the Consumer Financial Protection Bureau (CFPB), and attorneys from 50 U.S. states and territories.

“The FTC alleges that Equifax failed to secure the massive amount of personal information stored on its network, leading to a breach that exposed millions of names and dates of birth, Social Security numbers, physical addresses, and other personal information that could lead to identity theft and fraud,” the FTC said in its complaint.

Alvaro Puig, Consumer Education Specialist of the FTC, also wrote that Equifax agreed to spend up to $425 million to help victims affected by the data breach.

Consumers can’t file a claim just yet, however, but the FTC will be providing more information soon.

In the mean time, consumers affected by the breach can take advantage of several benefits to include:

  • Free credit monitoring (or $125 cash)
  • Reimbursements for your time and other cash payments (up to $20,000)
  • Free identity restoration services (up to 7 years).

See details in the Equifax proposed order and court document here.