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Equifax Agrees To Send Big Payments To People Affected By Mass Security Breach

Credit bureau Equifax agrees to pay $125 each to people impacted by its 2017 security breach

Atlanta, GA – The credit bureau Equifax plans to pay hundreds of millions of dollars to those people impacted by a 2017 data breach that revealed the private information of millions of people.

Equifax agreed to pay up to $700 million in restitution and fines to settle with the Federal Trade Commission and the Consumer Financial Protection Bureau, according to Time magazine.

Equifax will pay $425 million to the nearly 150 million people who had their social security numbers exposed, Time reported. The company is allowing people to file a claim online.

The company has also set up a tool for people to check and see if they were impacted by the breach.

People impacted by the breach can have access to free credit monitoring and identity theft protection for up to 10 years. The other option is to get a $125 payment.

People who suffered expenses due to the breach, can get up to $20,000. But they have to provide documentation of the expenses.

“This comprehensive settlement is a positive step for U.S. consumers and Equifax as we move forward from the 2017 cybersecurity incident and focus on our transformation investments in technology and security as a leading data, analytics, and technology company,” Equifax Chief Executive Officer, Mark W. Begor said in statement, according to Time.

Equifax knew about the 2017 breach for about five months before it came forward with the information, according to Time.

Three senior executives from Equifax sold about $2 million of their shares in the company before the company released the information.

CNN reported that if people don’t do anything, they give up the right to sue Equifax in the future and they also give up the $125 or the 10 years of free credit service.

You can check if you a eligible at their website HERE, and follow the steps to file the claim if you are affected.

The deadline to opt out of the settlement and file a separate lawsuit against Equifax is Nov. 19. The deadline to file a claim as part of the settlement is Jan. 22, according to CNN.

Tom Gantert - July Fri, 2019

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