One of the largest credit reporting firms in the country is nearing a deal to settle multiple state and federal investigations into a 2017 data breach that impacted around 145 million consumers.
Sources familiar with the matter told The Wall Street Journal that Equifax will pay nearly $700 million to the Federal Trade Commission, the Consumer Financial Protection Bureau and most state attorneys general to resolve the matter. The settlement would also clear up a consumer class-action lawsuit, we’re told. Some of the funds would be used to compensate consumers for harm suffered as a result of the breach, sources said.
Equifax in late 2017 said unauthorized activity from mid-May through July 2017 exposed users’ names, Social Security numbers, birth dates, addresses and driver’s license numbers. In some cases, credit card numbers were also compromised.
A settlement could be announced as early as Monday.
Masthead credit: credit bureau report card by Michael D Brown