Equifax will pay up a $700-million settlement over a 2017 data breach. (Photo by THE ASSOCIATED PRESS)

Equifax will pay up a $700-million settlement over a 2017 data breach. (Photo by THE ASSOCIATED PRESS)

Equifax to pay up to $700M in data breach settlement

WASHINGTON — Equifax will pay up to $700 million to settle with the U.S. and states over a 2017 data breach that exposed Social Security numbers and other private information of nearly 150 million people.

The settlement with the U.S. Consumer Financial Protection Bureau and the Federal Trade Commission, as well as 48 states and the District of Columbia and Puerto Rico, 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. The consumer reporting agency, based in Atlanta, did not detect the attack for more than six weeks. 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.

All 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.

If consumers choose not to enrol in the free credit monitoring product available through the settlement, they may seek up to $125 as a reimbursement for the cost of a credit-monitoring product of their choice. Consumers must submit a claim in order to receive free credit monitoring or cash reimbursements.

“Companies that profit from personal information have an extra responsibility to protect and secure that data,” said FTC Chairman Joe Simons. “Equifax failed to take basic steps that may have prevented the breach that affected approximately 147 million consumers. This settlement requires that the company take steps to improve its data security going forward, and will ensure that consumers harmed by this breach can receive help protecting themselves from identity theft and fraud.”

The announcement Monday confirms a report by The Wall Street Journal that the credit reporting agency had reached a deal with the U.S.

The company said earlier this year that it had set aside around $700 million to cover anticipated settlements and fines.

The settlement must still be approved by the federal district court in the Northern District of Georgia.

Shares of Equifax Inc. dipped slightly before the opening bell.

By The Associated Press

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Workers were busy getting a tall crane in place Thursday morning for the construction of the new courthouse in downtown Red Deer. The facility will include modern technology and replace the existing courthouse upon completion expected in spring 2023. Photo by Paul Cowley/Advocate staff
Work on Red Deer Justice Centre progressing

Construction of the new courthouse in downtown Red Deer was visible Thursday… Continue reading

The City of Red Deer is including $1 million in its 2021 operating budget, just in case Westerner Park’s pandemic cancellations continue and it needs more support next year. (Advocate file photo)
Chief of Defence Staff Gen. Jonathan Vance responds to a question during a news conference Friday, June 26, 2020 in Ottawa. Vance is ordering his troops to be ready to pick up COVID-19 vaccines in the U.S. and Europe on short notice, and prepare to help distribute the doses while responding to floods and other emergencies. THE CANADIAN PRESS/Adrian Wyld
Defence chief says CAF will be ready after ordering COVID-19 vaccine prep last week

OTTAWA — The Canadian Armed Forces received formal orders last week to… Continue reading

Geoff Neville poses for a photo with his sons Casey, 3, left, and Ryder, 6, in this undated handout photo. Geoff Neville is a rotational worker in Newfoundland and Labrador who works in a mine in Nunavut for 14 days in a row and then gets 14 days off to come home and see his family. THE CANADIAN PRESS/HO, Geoff Neville
‘I’d love to be home:’ N.L. rotational workers facing bullying online

ST. JOHN’S, N.L. — As Geoff Neville waited this week in a… Continue reading

Justice Minister David Lametti arrives for a news conference in Ottawa, Thursday November 26, 2020. The Liberal government is set to introduce long-awaited legislation today to enshrine the United Nations Declaration on the Rights of Indigenous Peoples in Canadian law. THE CANADIAN PRESS/Adrian Wyld
Bill to enshrine UN Declaration on the Rights of Indigenous Peoples in Canadian law

OTTAWA — The Liberal government is set to introduce long-awaited legislation today… Continue reading

Dan Cochrane, senior pastor at CrossRoads Church. Contributed photo
CrossRoads Church closes its doors for two weeks after staff member tests positive for COVID-19

CrossRoads Church made the decision to cancel in-house services for two weeks… Continue reading

Nancy McInerney, Kevin Martin, Olds Mayor Michael Muzychka, Chelsea Carey and MLA Nathan Cooper pose for a photo during the ticket launch for the Grand Slam of Curling Champions Cup in Olds from April 29 to May 3 in October. The event has been rescheduled for 2022. (Photo by BYRON HACKETT/Advocate Staff)
Olds misses out on Champions Cup again, event penciled in to return in 2022

They say waiting is the hardest part for curling fans in Central… Continue reading

File Photo
Sylvan Lake Town Council squashes mask bylaw

The bylaw did not make it past first reading, after a 4-3 vote defeated the motion

Mikael Kingsbury, of Canada, trains during the FIS Freestyle World Cup skiing competition Thursday, Feb. 6, 2020, in Park City, Utah. Kingsbury will miss moguls races for the first time in his World Cup career after suffering a back injury in training on Sunday. THE CANADIAN PRESS/AP-Jeff Swinger
Canadian moguls star Mikael Kingsbury out four to six weeks with back injury

MONTREAL — Canada’s Mikael Kingsbury will miss moguls races for the first… Continue reading

Detail of James Wilson Morrice's "LaPlage."
James Wilson Morrice canvas outperforms at auction with more than million-dollar sale

A canvas by Montreal-born artist James Wilson Morrice exceeded expectations with a… Continue reading

Bank buildings are photographed in Toronto's financial district on Wednesday, June 27, 2018. International comparisons suggest Canadian financiers are oiling the wheels of the fossil fuel industry at a far greater rate than their peers. THE CANADIAN PRESS/ Tijana Martin
‘Canada really sticks out:’ Studies show banks not so green on climate change

International analyses suggest Canadian financiers are oiling the wheels of the fossil… Continue reading

Goals galore for Ronaldo, Giroud, Neymar in Champions League

Goals galore for Ronaldo, Giroud, Neymar in Champions League

Toronto Blue Jays general manager Ross Atkins is seen at a media availablity to introduce new pitcher Shun Yamaguchi in Toronto on January 15, 2020. THE CANADIAN PRESS/Chris Young
Jays ‘prepared’ if things pick up on free agency and trade fronts this off-season

Jays ‘prepared’ if things pick up on free agency and trade fronts this off-season

Shaquille Murray-Lawrence, left, and teammate Taylor Austin are shown during training in Whistler, B.C., in this undated handout photo. Montreal Allouettes running back Shaquille Murray-Lawrence is used to pysching himself up to sprint down a field, evading a crush of muscled men the entire way. But mentally preparing for his latest venture required bracing for a whole new set of anxieties. As he got ready to hop in a bobsleigh for the first time, Murray-Lawrence knew he'd be zipping down an icy track faster than cars are allowed to travel down most highways. Murrary-Lawrence, 27, is one of three CFL players who joined the national bobsleigh team after the league canceled its season due to the COVID-19 pandemic. THE CANADIAN PRESS/HO - Shaquille Murray-Lawrence
Sliding into a new sport: CFLers turn to bobsled after football season wiped out

Sliding into a new sport: CFLers turn to bobsled after football season wiped out

Most Read