![]() ![]() "We believe the total amount we are making in our compensation fund reflects the seriousness with which we take this matter," Begor said. The breach affected 147 million consumers, most in the U.S., but also in Europe and Canada. The company has set up a website describing the settlement: The FTC has also published details of the settlement on its website.Įquifax's CEO called the incident "an attack on consumers and an attack on America" on the conference call. Now it's time for the company to do what's right and not only pay restitution to the millions of victims of their data breach."Ī spokesperson for the FTC also said the commission intends to make restitution as easy as possible for the vicitms of the breach, and that it will allow victims to be compensated "if the circumstances of their identity theft involved the same type of personal information that was exposed in the breach, and that the identity theft occurred after the breach."Įxperian will be offering the four-year credit monitoring service, as it has for its own free monitoring service between 20. ![]() "This company's ineptitude, negligence, and lax security standards endangered the identities of half the U.S. "Equifax put profits over privacy and greed over people, and must be held accountable to the millions of people they put at risk," said Attorney General Letitia James. The time spent will be compensated at $25 per hour for up to 20 hours, according to the settlement. Still, in this scenario, consumers will need to have a paper trail, including that any lost funds from identity theft were not reimbursed by a bank or credit card company, or that they spent time filing disputes over the fraud. The same principle could have applied to proving fraud or data misuse, which would require consumers to prove the fraud was related to having their data stolen as a result of the Equifax breach and not a breach of another company.īut a spokesperson for the New York Attorney General's Office said it will enforce a rule that will allow consumers who have been the victim of identity theft from any breach, not just Equifax, to apply for the out-of-pocket reward. Settlements for "out-of-pocket" costs related to a security breach are already extremely rare, and generally must involve proving a direct connection between a real financial loss directly connected to data stolen. This means proving your data was misused as a result of the breach would be a difficult fight. Instead, intelligence experts and security executives have told CNBC that the information was likely stolen by a foreign intelligence agency for spying purposes. As CNBC previously reported and as, repeated several times on a conference call Monday, the data connected with the Equifax breach has never been found for sale on the dark web. Personal Loans for 670 Credit Score or LowerĬonsumers may also be eligible for payments of up to $20,000 for time they spent remedying fraud or misuse of personal information or out-of-pocket losses.īut that will likely be an uphill battle. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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