New York Attorney General Letitia James led the charge in reaching the largest data breach settlement in history with Equifax Inc., one of the big three consumer credit reporting agencies in the U.S.
This follows the multi-state investigation into the company’s 2017 data breach that exposed the personal information of nearly half the nations population.
Breached information included Social Security numbers, names, dates of birth, addresses, credit card numbers, and, in some cases, driver’s license numbers for 147 million consumers. New York, alone, had 8,542,568 residents whose personal information was illegally accessed.
“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. “This company’s ineptitude, negligence, and lax security standards endangered the identities of half the U.S. population. 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, but also provide every American who had their highly sensitive information accessed with the tools they need to battle identity theft in the future.”
The settlement includes a Consumer Restitution Fund of up to $425 million, a $175 million payment to the states, and significant injunctive relief for consumers.
A new website will soon allow consumers to learn more about the Restitution Fund, enroll in credit-monitoring services, and have their questions answered. In the meantime, consumers can sign up to receive email updates regarding the launch of the Equifax Settlement Breach online registry