![]() Justin Brookman, director of privacy and technology policy for Consumer Reports, said the FTC was able to force Equifax to "spend a fair amount of money as far as improving security, paying for credit monitoring, and reimbursing consumers for their expenses." Public Interest Research Group said in a statement.īut others praised the agreement. "The shelf life of financial DNA is forever so this sounds like a sweetheart deal for a company that failed to do its basic job: protect consumer data," the U.S. Some consumer advocates said the proposed settlement didn't go far enough, given the long-term harm the breach inflicted. consumers." Equifax Chief Executive Officer Mark Begor said the $425 million consumer fund "reinforces our commitment to putting consumers first and safeguarding their data - and reflects the seriousness with which we take this matter." In a statement, Equifax called the proposed settlement "a positive step for U.S. The Two-Way Equifax And Wells Fargo Apologize To Congress Lawmakers Not Buying It Those who already have credit monitoring services for at least six months can request a $125 cash payment. Under the settlement, affected consumers will be eligible for free credit monitoring. That's in addition to the free annual credit reports that Equifax, and the two other nationwide credit reporting agencies - Experian and TransUnion - currently provide. consumers with six free credit reports each year for seven years," the FTC said. CFPB Director Kathleen Kraninger said the settlement includes $425 million to cover the "time and money spent to protect themselves from potential threats of identity theft or addressing incidents of identity theft as a result of the breach."Įquifax also agreed to pay $175 million to the states and $100 million to the CFPB in civil penalties.Īnd, starting in January, Equifax "will provide all U.S.
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