Attorneys General Secure $600M In Equifax Settlement

Equifax says a giant cybersecurity breach compromised the personal information of as many as 143 million Americans almost half the country

One of the largest data breaches on record, the Equifax breach exposed the personal data of millions of people, much of which is likely still being used in account takeover (ATO) attacks, which is one reason Colin Bastable, CEO, Lucy Security, said, "We need a consumer compensation fund, into which all of these fines are paid, for disbursement to long-abused USA consumers".

The largest-ever settlement for a data breach draws to a close multiple probes into Equifax by the Federal Trade Commission, the Consumer Financial Protection Bureau and almost all state attorneys general. "This is a good settlement for Vermonters". Breached data included a person's social security number, birth dates, and addresses-and in a few cases, credit card and driver's license numbers, too.

In addition to the state payout, Equifax agreed to a $425 million payment to the Consumer Restitution Fund.

The settlement resolves consumer class action litigation, as well as investigations by the Federal Trade Commission, the CFPB, and the New York Department of Financial Services.

After a massive data breach two years ago, credit reporting company Equifax has settled with 50 attorneys general and the federal government.

IL residents could be eligible for up to $20,000 in compensation for damages they suffered as a result of a massive data breach at the credit-reporting bureau Equifax under terms of a proposed global settlement announced Monday.

For three years, Equifax must have adequate staffing and resources available for consumers affected by the breach.

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Despite its failure to implement basic security measures, Equifax's privacy policy at the time stated that it limited access to consumers' personal information and implemented "reasonable physical, technical and procedural safeguards" to protect consumer data. An additional $125 million would be paid additionally by Equifax if victims' out-of-pocket expenses end up depleting the initial fund. Equifax could also potentially pay $2 billion to cover credit monitoring services if all 147 million victims sign up for credit monitoring services.

"We also applaud the FTC and other parties for requiring enhanced security precautions and regular audits, and for requiring Equifax to impose similar security precautions on any third parties given access to personal data held by Equifax".

"Companies that profit from personal information have an extra responsibility to protect and secure that data", FTC Chairman Joe Simons said in a statement.

The claims site will have a tool to let you check. But that was a long time ago, and many people probably have no idea if they were impacted and are therefore eligible for compensation from the settlement.

Starting in 2020, all USA consumers can get six additional free credit reports per year for seven years from the Equifax website. It also must provide informational resources on how to request a fraud alert or security freeze and what consumers should do if they believe they are a victim of identity theft.

Now, according to The Wall Street Journal, Equifax is nearing a deal to settle federal investigations into the breach.

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