Equifax to Pay $700M for Data Breach

Equifax logo -

CBJ — Consumer credit services agency Equifax has agreed to pay about $700 million U.S. to settle a 2017 international data breach that exposed Social Security numbers and other private information of nearly 150 million people, including 19,000 Canadians who had their data potentially compromised.

The settlement with the U.S. Consumer Financial Protection Bureau and the Federal Trade Commission would provide up to $425 million in monetary relief to consumers, a $100 million civil money penalty, and other relief.

The breach was one of the largest ever to threaten the private information. It’s believed it took about six weeks for the company to detect the attack.

The compromised data included Social Security numbers, birth dates, addresses, driver license numbers, credit card numbers and in some cases, data from passports.

Affected consumers may be eligible to receive money by filing one or more claims for conditions including money spent purchasing credit monitoring or identity theft protection after the breach and the cost of freezing or unfreezing credit reports at any consumer reporting agency.

Impacted consumers would be eligible to receive at least 10 years of free credit-monitoring, at least seven years of free identity-restoration services, and, starting on Dec. 31 and extending seven years, all U.S. consumers may request up to six free copies of their Equifax credit report during any 12-month period.

@CanBizJournal

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Mario Beauregard-Montreal Québec Canada