While Equifax was informed of a vulnerability in March 2017, the company failed to patch all of its systems and failed to replace the software that monitored the breached network for suspicious activity.
Equifax announced the data breach on September 7, 2017, affecting more than 147 million consumers.
In addition to free credit monitoring, affected individuals who become victims of identity theft may be eligible for free services to help restore their identity for seven years.
Going forward, Equifax will strengthen its own security practices and its policies will be assessed regularly by a third party.
That money will be earmarked toward consumer protection efforts, including enhanced enforcement and education efforts in the data privacy and security arena, the release said. The current settlement figure of $650 million is roughly what the company earns in sales in a quarter.
While Equifax said on Monday it saw no evidence the stolen information had been used in identity thefts, regulators said the company failed to protect the data and misled consumers as to how secure it was. Puerto Rico, Washington, and the Consumer Financial Protection Bureau will also claim their compensation likewise.
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Neither of the final pair were ever under any pressure from the chasing pack as they dropped further back in the rough conditions. It's amusing , I sometimes struggle to play in front of the home crowd and have done in the past, but not over the last few days.
You can even get compensated for the time you personally spent making phone calls or dealing with the data breach or identity theft in other ways.
Starting on December 31, 2019 and going through December 31, 2026, all US consumers may request up to six free copies of their Equifax credit report during any 12-month period.
Under the settlement, Equifax will pay a $175m fine to the states and $100m to the CFPB.
The settlement could potentially cost a total of $700 million given that the agreement mandates that Equifax implement a comprehensive information security program.
So for all that stress and worry and concern about your data being out there in the hands of hackers and criminals on the black market, people affected by the breach are essentially awarded four bucks. But it's not clear how many might qualify for the full amount. Equifax's security team ordered that vulnerable systems be patched, there was no follow-up to ensure the order was carried out, the FTC said. A federal judge in Atlanta approved the settlement on July 22. In an interview on Monday afternoon with CNBC, Begor said the fund could be operational by year's end. The settlement also includes civil penalties and the cost of litigation.
Also unhappy with the settlement are the attorneys general of IN and MA, which are not participating IN the proposed settlement.
The New Hampshire attorney general's office says the data of more than 639,000 residents was exposed. "Our litigation is ongoing".