Equifax Data Breach Agreement
April 9, 2021 | Leave a comment
This violation led hackers to steal credit card and driver`s license information, Social Security numbers, addresses, dates of birth and other personal data stored on Equifax`s servers. As part of its investigation, the FTC said the free credit bureau had not taken appropriate steps to secure its network. If approved by the federal district court in the northern district of Georgia, the agreement would require equifax to create a $425 million consumer fund for consumer monetary facilities and pay the CFPB a $100 million fine, among other relief, agencies and states said Monday. Anyone affected by the injury can access Experian`s identity recovery services if they are the victim of identity theft over the next seven years. Go to the billing site and click “Find out if your information has been affected” to see if you qualify. Editor`s Note: Some opponents have appealed the Tribunal`s decision to authorize the transaction. According to the claims settlement website, the transaction will not be final until all claims have been settled, and there is no timetable. Equifax, one of the three largest consumer credit bureaus in the United States, announced in September 2017 that its systems had been violated and that the sensitive personal data of 148 million Americans had been compromised. Data violations included goods names, residence addresses, telephone numbers, dates of birth, social security numbers and driver`s license numbers. The credit card numbers of about 209,000 consumers were also injured. Equifax`s injury is unprecedented in scale and severity. In the past, there have been significant security breaches by other companies, but the sensitivity of the personal data held by Equifax and the scale of the problem make this violation unprecedented. Following the Equifax breach, immediate action should be taken not only to reform credit services, but also to address the broader problem of secret profiling and mismanagement of consumer personal data.
It`s time to change defaults and time for consumers to retain control over their credit reports and personal data. Consumers should have free and easy access to their credit information and have control over when and how that information is disclosed. Companies that collect personal data from consumers must establish effective safeguards, including immediate disclosure requirements for data breaches. Congress should end the use of the Social Security number as a general identifier. And Congress should encourage the use of innovative technologies to minimize the collection of personal data. I have no doubt that very SAME HACKERS will lick its chops and wait patiently for the floodgates of the online damage process to open… and they`re going to break up this site – it`s also “security measures.” Fourth, under the Gramm-Leach-Bliley Act, existing data security requirements for consumer-focused financial institutions should be extended to credit institutions and other businesses that sell consumer profiles. The law already provides for the monitoring of financial institutions` data protection practices by seven regulators, but the current system does not deal with credit intelligence services. In particular, although the Dodd-Frank Act transferred authority over certain data protection provisions to the CFBP, the Act did not confer regulatory powers to define data security guidelines.