In 2015, Experian disclosed a data breach which led to the compromise of information - including Social Security numbers - belonging to 15 million consumers.
The program to pay restitution to consumers will be conducted in connection with settlements that have been reached in the multi-district class actions filed against Equifax, as well as settlements that were reached with the Federal Trade Commission and Consumer Financial Protection Bureau.
In its complaint, the FTC alleges that Equifax failed to secure the massive amount of personal information stored on its network, leading to a breach that exposed millions of names and dates of birth, Social Security numbers, physical addresses, and other personal information that could lead to identity theft and fraud.
Under the terms of the settlement, Equifax agreed to provide a single consumer restitution fund of up to $425 million, with $300 million dedicated to consumer redress, and up to an additional $125 million if the $300 million is exhausted.
Equifax will also pay a $175 million fine to the states and $100 million to the CFPB.
Along with the financial claims, all USA consumers will be eligible for up to six free additional Equifax credit reports per year for seven years starting in 2020. Equifax also agreed that starting with January 2020 to provide consumers with six free credit reports each year for seven years.
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In addition, video evidence, showing interactions between the victim and perpetrator before and after the alleged crime, was lost. Ronaldo's attorney, Peter Christiansen, and a representative for his sports agents could not immediately be reached for comment.
This is the largest data breach settlement in history. "We are in an online digitally global economy, scams are on the rise, this Equifax breach demonstrated that", Donovan said.
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.
Consumers must submit a claim to receive free credit monitoring or cash reimbursements.
"This settlement is just a drop in the bucket of what Equifax's disregard for privacy could cost American families", Democratic U.S. Senator Sherrod Brown said in a statement.
For those who suffered financial damages as part of the breach, they can file a claim for up to $20,000 to cover expenses you incurred as part of the breach. Consumers can freeze their credit for free because of recent legislation, avoiding fees that were typically $5 to $10 per rating agency.
And Johnson said he doesn't expect many consumers will see that what they get in the settlement is worth the time it might take to make the claim.
Equifax generated $3.4 billion in revenue in 2017 and $3.81 billion in revenue in 2018, according to its financial filings.