Equifax agrees to settlement of up to $700 million over 2017 data breach
Illustration by Alex Castro / The Verge
Equifax has agreed to a settlement over its 2017 data breach that saw as many as 147 million people’s personal information, including names, birth dates, addresses, and social security numbers, exposed by the company. As part of the settlement, the company will pay at least $575 million, but this could rise to as much as $700 million depending on the amount of compensation people claim. The company has agreed to provide free credit monitoring services to anyone affected for up to 10 years, as well as cash payments of up to $20,000 per person to refund any costs incurred as a result of the breach.
“Equifax failed to take basic steps that may have prevented the breach that affected approximately 147 million consumers,” said FTC Chairman…