FTC Announces a Settlement with Equifax

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WASHINGTON, D.C. (WBRE/WYOU-TV)   The FTC this morning announced a settlement with Equifax over one of the largest data breaches in history.   It’s been just under 2 years since Equifax announced a data breach that exposed the personal information of 147 million people.  In the settlement, Equifax has agreed to spend up to $425 million to directly help those of us affected by the data breach. Eyewitness News Washington Correspondent Morgan Wright reports the settlement includes up to 4 years of free credit monitoring or $125 cash, plus additional help for those whose stolen ID was actually used by the bad guys

 Equifax through unfair and deceptive practices broke the law – both before and after the breach” said   CFPB Director Kathleen Kraninger.

The Consumer Financial Protection Bureau says Equifax put millions of us at risk… of losing money…and control of our identities…

And now Equifax will have to pay…up to 700-million dollars…

  “At least 300 million of this money will go directly to consumers through a consumer fund through a federal court,” said   Federal Trade Commission Chairman Joe Simons.   He says as part of a court settlement, Equifax will also pay hundreds of millions more in fines and penalties to be shared by the feds and state governments…

  Credit reporting agencies are entrusted with protecting the information of millions of consumers.

  CFPB Director Kathleen Kraninger says the personal data of nearly 150 million Americans was exposed by a massive data breach, nearly 2 years ago… 

 Consumers will be eligible for at least 4 years of credit monitoring…or $125 cash.  And if the bad guys drained money from your accounts or stole your identity, you could be eligible for reimbursement up to 20-thousand dollars…

Maryland Attorney General Brian Frosh, a state partner in the investigation – says the victims in his state alone… number more than 3-million… and most of the victims were not even customers of Equifax

  “We did not choose Equifax. Equifax in fact chose us. It collected our personal information”.

You will have to sign up for the credit monitoring or money from Equifax.  The FTC will let us know when and how once a federal court signs off on the settlement..

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