Full Answer
What happened to Equifax?
In September of 2017, Equifax announced a data breach that exposed the personal information of 147 million people. The company has agreed to a global settlement with the Federal Trade Commission, the Consumer Financial Protection Bureau, and 50 U.S. states and territories.
What is the Equifax data breach settlement?
In September 2017, Equifax announced a breach that exposed the personal data of approximately 147 million people. If your data was impacted, under a legal settlement, you may claim free services and payments.
How did the Equifax breach lead to the insider trading scandal?
Equifax did not publicize the breach until more than a month after they discovered it had happened; stock sales by top executives around this time gave rise to accusations of insider trading. To understand how exactly all these crises intersected, let's take a look at how the events unfolded. When did the Equifax breach happen?
What do I do if my data was exposed by Equifax?
In September 2017, Equifax announced a breach that exposed the personal data of approximately 147 million people. If your data was impacted, under a legal settlement, you may claim free services and payments. For more information, to see whether you are eligible, and to claim the benefits described on this page, use the online form.
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How much did Equifax stock drop after breach?
Equifax Stock Has Plunged 18.4% Since It Revealed Massive Breach.
Will I get money from Equifax settlement?
If you asked for money If you requested compensation of up to $125 or reimbursement for time spent recovering from fraud or ID theft, a check or debit card will be mailed to the address you used when submitting your claim. Be prepared for compensation that is much less than you requested.
How much did the Equifax breach cost the company?
In total, the breach cost Equifax $1.14 billion in 2019 alone. Overall, the breach cost Equifax more than $1.7 billion since it was first disclosed in 2017. According to Equifax, at the time of the breach, the company had $125 million in cybersecurity insurance coverage.
How much was Equifax fined?
Equifax will pay up to $700 million in fines and monetary relief to consumers over a 2017 data breach at the credit reporting bureau that affected nearly 150 million people.
How do I check the status of my Equifax settlement?
You can also log into your myEquifax account and view your status by clicking the “check status of a dispute” button. If you are checking your status by mail or phone, please make sure you have the confirmation number that was provided to you when you submitted your dispute.
How do I know if Equifax owes me money?
You can also call (toll-free) 1-833-759-2982 for more information.
How much did Equifax fall on the stock market after it was attacked in 2017?
They have fallen around 30 percent, losing about $4.5 billion in market value, since the attack was disclosed amid criticism from consumers, politicians and security experts over the company's response to the hack.
Who owns Equifax?
EquifaxFoundersCator Woolford Guy WoolfordHeadquartersAtlanta, Georgia , U.S.Area servedWorldwideKey peopleMark L. Feidler (Chairman) Mark W. Begor (CEO) John W. Gamble, Jr. (Vice President & CFO)RevenueUS$4.92 billion (2021)14 more rows
How does Equifax make money?
Equifax, Experian and TransUnion collect, store and sell credit information on millions of consumers around the world. In the U.S., these three major consumer credit bureaus primarily make money selling credit reports, developing analytics and scoring systems, and selling credit-related services to consumers.
Who hacked Equifax?
According to the nine-count indictment handed down by the grand jury in Atlanta, four members of the Chinese People's Liberation Army are alleged to have conspired to hack Equifax as computer systems and commit economic espionage.
How much is the Equifax settlement per person?
$20,000 per personUnder the settlement terms, Equifax agreed to set up a fund to provide free credit monitoring and identity theft protection to consumers, as well as provide cash payments to people affected by the breach—up to $20,000 per person.
Can I sue Equifax?
You can sue Equifax, but you may need to take certain steps depending on the reason. Suing Equifax requires that Equifax did something wrong like Equifax reporting you as dead, Equifax mixed you up with someone else, Equifax refused victim's rights with identity theft, or failed to investigate a credit error.
How much is the Equifax settlement per person?
$20,000 per personUnder the settlement terms, Equifax agreed to set up a fund to provide free credit monitoring and identity theft protection to consumers, as well as provide cash payments to people affected by the breach—up to $20,000 per person.
Can I sue Equifax?
You can sue Equifax, but you may need to take certain steps depending on the reason. Suing Equifax requires that Equifax did something wrong like Equifax reporting you as dead, Equifax mixed you up with someone else, Equifax refused victim's rights with identity theft, or failed to investigate a credit error.
How do I know if I have been in Equifax breach?
If you want to check whether your data was exposed, the FTC and official settlement site have an online tool you can use to check if you were part of the Equifax breach. You'll need to enter your last name and last six digits of your Social Security number to see if your data was part of the hack.
When did Equifax breach?
In September 2017 , Equifax announced a breach that exposed the personal data of approximately 147 million people. If your data was impacted, under a legal settlement, you may claim free services and payments.
How long does it take to get a free credit report from Equifax?
You can get six free credit reports from Equifax in a 12-month period, for seven years beginning January 2020. These are in addition to the free reports you’re already entitled to under the law.
Can you request reimbursement for Equifax?
You can request reimbursement if you spent money, for example: For certain Equifax products before the breach. To freeze or unfreeze your credit. For credit monitoring services. Dealing with fraud or identity theft after the breach.
What information was hacked by Equifax?
Consumer credit reporting agency Equifax announced late Thursday hackers had breached some of its website application software, potentially affecting the sensitive personal information of approximately 143 million consumers. The data that was accessed included consumers' names, Social Security numbers, birth dates, addresses, and, in some instances, driver's license numbers. The incident may have also compromised credit card numbers for 209,000 U.S. consumers, as well as other "dispute documents" that contained identifying information for 182,000 consumers.
How much does Equifax credit monitoring cost?
While it's unknown how many consumers will take Equifax up on their offer, the company's current "Premier" credit monitoring and identity-protection package costs $19.95 a month.
How much did Equifax sell?
In more bad public relations news for the company, Bloomberg reported that at least three top executives at Equifax — including its chief financial officer — sold nearly $1.8 million in company shares just three days after the company discovered the intrusion on July 29.
When did Equifax find the unauthorized access?
According to Equifax, the unauthorized access began in mid-May and continued through July of this year. The company discovered the intrusion July 29. A forensic investigation from a hired third-party cybersecurity company also found some residents of the U.K. and Canada may have been affected as well. In a brief video, Equifax Chairman and CEO Rick ...
Does Equifax notify consumers of data breach?
Additionally, Equifax plans to notify consumers whose data was compromised. The U.S. Federal Trade Commission and the National Cyber Security Alliance are also pointing consumers to Equifax's website, along with suggesting remedial steps consumers can take for their protection.
Did Equifax inform customers of the breach?
Though Equifax says it has taken steps to guide consumers, Fast Company reported Thursday that the company's customer service employees were allegedly not informed of the breach after the announcement had been publicly made.
Did Equifax tell the executives about the breach?
According to Equifax, however, the three executives in question had not been told of the breach at that point. Sen. Mark Warner, D-Virg., said the incident raises national security concerns and whether Congress needs to reconsider data protection policy.
