Equifax to Pay $4.5 Million to NC for 2017 Data Breach

Daniel Fowler
July 22, 2019

Credit reporting agency Equifax has reached a deal to pay up to $700 million to state and federal regulators to settle probes stemming from a data breach that exposed the personal information of almost 150 million people.

The amount to be paid by the company could change depending on the number of claims eventually filed by consumers, according to the report, which added that the settlement could be announced as soon as Monday.

The incident sparked outcries on Capitol Hill and among consumer advocates for more oversight of the three big consumer credit-rating companies: Equifax, TransUnion and Experian.

The settlement with the U.S. Consumer Financial Protection Bureau and the Federal Trade Commission, as well as 48 states and the District of Columbia and Puerto Rico, would provide up to $425 million in monetary relief to consumers, a $100 million civil money penalty, and other relief. "We are holding the company accountable for its failure to safeguard personal information".

"Arkansans trusted Equifax with their personal information as a means to track their credit scores", said Attorney General Rutledge.

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Affected consumers will also be eligible for 10 years of free credit monitoring from Equifax, and the company agreed to make it easier for consumers to freeze their credit or dispute inaccurate information in credit reports. Email updates will be available regarding the launch of the Equifax Settlement Breach online registration by signing up at www.ftc.gov/equifax. "The company had a responsibility to keep that data secure".

Crooks took your identity from Equifax. A share cost $141.45 in the hours before the breach was disclosed on September 7, 2017.

Hackers stole at least 147 million names and dates of birth, almost 146 million Social Security numbers, and 209,000 payment card numbers and expiration dates, the FTC said.

This permitted a hacker to access the credit monitoring company's systems, leading to the theft of records belonging to over 146 million users.

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