Equifax Ordered To Pay Millions To DC For Massive Data Breach

Many remember the massive data breach at Equifax in 2017. One of the nations top credit reporting agency had over $143-million Americans personal information, including Social Security numbers exposed.

Now the company has reached a deal that will require them to pay as much as $650-million dollars to settle state and federal investigations into the matter. Today the credit reporting company agreed to set up a $300 million dollar restitution fund. Some say it could go as high as $425 million for people affected by this huge breach of their personal information. The reason Equifax has agreed that they did not implement sufficient security measures to protect its network.

The money will be used for free credit monitoring services totaling $300 million, $175 million will go towards states, The District of Columbia and Puerto Rico. As a result of this breach it is now free to freeze your credit.

Equifax will also have to pay $175 million dollars in fine to states and $50 million dollars in fines to the Consumer Financial Protection Board. The company must also create internal measures to ensure that this type of thing never happens again.

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