"Equifax failed to take basic steps that may have prevented the breach that affected approximately 147 million consumers," FTC chair Joseph Simon said. The company has also agreed to bolster its security practices and have its policies assessed regularly by a third party. It will also establish a $300 million fund to compensate victims which could climb to $425 million depending on how many customers use it.Īffected 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. Under the terms of the settlement revealed Monday, the company will pay a $175 million fine to the states and $100 million to the CFPB. Equifax promises free credit locking for life - unless you're Canadian.The hackers had access to the data for almost three months before the company realized it. The number of victims ballooned to 147 million people worldwide, including 19,000 in Canada. In September 2017, the company revealed that it had become the victim of one of the largest data thefts on record, with names, credit card numbers, social security numbers and other information stolen by a group of criminals that have yet to be identified. The Federal Trade Commission (FTC), the Consumer Financial Protection Bureau (CFPB) and various state-level regulatory bodies announced the settlement on Monday morning, a move that brings an end to investigations from various levels of the U.S. regulatory bodies over the massive data breach that saw the personal information of almost 150 million people stolen in 2017.Ĭanadian victims aren't covered by that figure. Credit monitoring firm Equifax has agreed to pay up to $700 US million in fines and penalties to settle with various U.S.
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