![]() The FTC says that affected consumers have a choice to receive up 10 years of free credit monitoring services or a flat $125 if you choose not to enroll because you already have credit monitoring. It compiled it and analyzed that information, and it sold the product and some of the raw data to other people." Perhaps most astonishing of all, "most of the victims were not customers of Equifax," explained Frosh. The remaining amount - at least $300 million, and perhaps $125 million more - will go to help affected consumers.Īnd there are many, many affected consumers: The Equifax data breach "exposed the personal information of nearly half of the consumers in the United States of America," Maryland Attorney General Brian Frosh said in an FTC press conference on Monday morning. According to the settlement terms released on Monday, Equifax will also pay at least $575 million and as much as $700 million in the aftermath of the massive 2017 data breach.Įquifax is paying $100 million in penalties to the Consumer Financial Protection Bureau (CFPB), plus another $175 million that will be divided up by 48 states, Washington, D.C., and Puerto Rico. Where exactly does all of that money go? How do you find out if you're due compensation from the Equifax data breach? And how will personal data be protected going forward?Įquifax - one of America's three major consumer credit reporting agencies, which gather personal credit and debt information used by lenders - agreed to take significant steps to enhance security and minimize collection of sensitive data. The $700 million figure represents the largest data breach settlement in history, Reuters reports. Now those impacted will be able to seek compensation: The FTC just announced that Equifax agreed to pay up to $700 million - including a maximum of $20,000 in cash payments per affected individual - to settle multiple investigations into the data breach, which compromised consumers' driver's license numbers, birth dates, addresses, social security numbers, credit card details, and other personal information. They do not belong to or represent views of the Federal Trade Commission.The Equifax data breach of 2017 was one of the biggest leaks of personal information in history, affecting some 147 million people - many of whom had never signed up for credit monitoring or any other services offered by Equifax. ![]() Opinions in comments that appear in this blog belong to the individuals who expressed them. To protect your privacy and the privacy of other people, please do not include personal information. The comments posted on this blog become part of the public domain. We don't edit comments to remove objectionable content, so please ensure that your comment contains none of the above. To file a detailed report about a scam, go to. We won’t post comments that include personal information, like Social Security numbers, account numbers, home addresses, and email addresses.We won’t post threats, defamatory statements, or suggestions or encouragement of illegal activity.We won’t post comments that include vulgar messages, personal attacks by name, or offensive terms that target specific people or groups.We won’t post off-topic comments, repeated identical comments, or comments that include sales pitches or promotions.We expect commenters to treat each other and the blog writers with respect. We review all comments before they are posted, and we won’t post comments that don’t comply with our commenting policy. ![]() But keep in mind, this is a moderated blog. Your thoughts, ideas, and concerns are welcome, and we encourage comments. The purpose of this blog and its comments section is to inform readers about Federal Trade Commission activity, and share information to help them avoid, report, and recover from fraud, scams, and bad business practices.
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