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State announces settlement with Equifax

Jul 22, 2019 12:15 pm
David Lombardo is reporting for the Times Union the consumer-credit agency Equifax has agreed to a $600 million settlement for its 2017 data breach that exposed the private information of millions of Americans. Under the settlement announced July 22, the company and its subsidiaries agreed to pay a $10 million fine to the state Department of Financial Services, $9.2 million to the state attorney general's office and $425 million for the creation of a consumer restitution fund. Equifax will also made available to state residents consumer monitoring services and free annual credit reports for five years. Approximately 8.5 million New Yorkers had their sensitive financial and personal information exposed during the 2017 breach that lasted about 76 days. That data included social security numbers, credit card numbers, and driver's license numbers. Equifax has agreed to new corrective measures as the result of a consent order with eight states, including New York. Read the full story in the Times Union.